Credit Agricole launches China M&A and investment banking business

Credit Agricole (CAGR.PA), France's second-biggest listed bank, has become the latest foreign lender to boost its China investment banking operations with the launch of a new unit.

The new unit, Credit Agricole (Beijing) Advisory Services, focuses on cross-border merger and acquisition, encompassing purchases, disposals and capital raising, it said in a statement on Monday.

The unit which began operations on March 10 is overseen by Huai Yang as head of the operation, the bank said.

The "new strategic set-up will strengthen the bank's capabilities to connect local and international clients to investment opportunities, both inbound and outbound, presented by the world's second-largest economy", said Jean-François Deroche, the bank's senior regional officer for Asia-Pacific.

Previously, the bank served its Chinese advisory clients from its offshore base.

Some global banks are accelerating their expansion in China with the government granting a few major licenses since earlier this year.

British bank Standard Chartered (STAN.L) won approval to set up a new securities brokerage unit in January, and J.P. Morgan and Morgan Stanley (MS. N) were permitted to take full ownership in their fund units in January and February, respectively.