MAJOR domestic brokerage CITIC Securities Co. plans to open a new office in Frankfurt by the end of the year to boost its investment banking coverage in Europe, Bloomberg reported yesterday.

Quoting people with knowledge of the matter as saying, Bloomberg said the planned German office will be CITIC Securities’ second location in Europe after London.

The German office will be headed by CITIC Securities’ head of investment banking for Europe Gian-Marc Widmer, who recently moved to the continent after spending almost a decade with the firm in Beijing.

CITIC Securities’ move follows domestic rival China International Capital Corp., which has offices in Frankfurt and London.

The move also aims to diversify CITIC Securities’ offerings and reduce its reliance on the initial public offering business in Hong Kong and the mainland, the sources told Bloomberg.

Bloomberg also reported in August last year that several domestic brokerages are considering applying for licenses in Germany, which would enable them to offer various types of investment banking services in Germany and across the European Union. (SD-Agencies)