HONG KONG -- Citicorp said it has received regulatory approval to merge its brokerage arms in Hong Kong and Singapore with J. Ballas Holdings of Singapore.

The Hong Kong and Singapore units of Citicorp Vickers will operate under the name Vickers Ballas and will be controlled and managed by Ballas Holdings.

Citicorp will hold a 30% stake in the enlarged Ballas Holdings and have three directors on its board. The remaining equity will be held by former J. Ballas shareholders.

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