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Citic Securities scraps Bear Stearns deal

Citic Securities Company, a provider of brokerage and investment banking services, has said that it does not intend to go ahead with the Bear Stearns deal.

Citic has earlier, in the third quarter of 2007, announced its intention to invest in the company after two Bear Stearns hedge funds reported huge losses.

Citic said that it would not go ahead with the deal as it has to be still approved and other investment groups which invested in loss making banks haven’t been able to perform very well.