CITIC Securities Co., China’s largest brokerage, has bought a stake in U.S. brokerage firm BTIG LLC, the company’s latest move to grow outside of China through buying a holding in a Western investment firm.

    CITIC Securities made the purchase through its Hong Kong-based brokerage CLSA Asia-Pacific Markets, which it bought from French bank Credit Agricole for US$1.25 billion in 2013. That deal was the first major acquisition by a Chinese brokerage of a foreign competitor.

    China’s banks have steadily increased their global influence in recent years by taking advantage of economic weakness in the West to acquire stakes in capital-hungry banks or through beefing up their presence in the global loan market.

    In January, Industrial & Commercial Bank of China, the country’s biggest bank by assets, bought a controlling stake in Standard Bank’s London-based global markets business.

    Terms of CITIC Securities’ deal with BTIG weren’t disclosed. The U.S. brokerage said it would operate as an independent unit and plans to use the proceeds from the stake sale to expand its business.

    BTIG has enjoyed rapid growth over the past decade, expanding to more than 450 staff in offices across the United States and in four locations around the world. The firm has added 75 staff in the past year and its offerings include trading in equities, derivatives, futures, commodities and foreign exchange.

    “The investment by CLSA will help us pursue continued growth in our core businesses and help us expand into new areas,” said Scott Kovalik, BTIG chief executive officer and co-founder.

    CLSA has built a reputation around its often tongue-in-cheek research and provocative analysts such as Christopher Wood, author of the widely read Greed & Fear newsletter.

    The firm has drawn attention for its investor forums featuring keynote speakers such as former heavyweight boxing champion Mike Tyson and popular music acts including Katy Perry. (SD-Agencies)