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ICICI Sec ties up with Oppenheimer to hawk domestic products in US

ICICI Sec ties up with Oppenheimer to hawk domestic products in US
PTI
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First Published: Wed, Sep 21 2011. 05 50 PM IST
Updated: Wed, Sep 21 2011. 05 50 PM IST
Mumbai: ICICI Securities or I-Sec, the brokerage and investment arm of the largest private sector lender ICICI Bank, on Wednesday said it has tied up with the US-based Oppenheimer’s Asian arm to offer institutional broking and investment services.
The alliance between the two companies would include a wide range of equity trading as well as debt instruments, corporate investment advisory, private equity transactions and wealth management, the company said here.
Announcing the deal, I-Sec managing director and chief executive Anup Bagchi said, “This is non-exclusive alliance and involves no equity participation. In fact, we have been dealing with Oppenheimer for quite some time now and today’s deal is a formalisation of our growing ties with them”.
Oppenheimer Investments Asia chief executive Steve Bernstein said, “With this tie-up, we save on cost and time in establishing ourselves in this fast growing market. Though this is not an exclusive tie-up, we would be the first partner of choice for I-Sec when it comes to sharing clients, funds and services and vice-versa”.
Bagchi attributed the rational for tie-up to growing demand from clients to access to the US markets and a broader range of products and services. “We believe this partnership will intensify our business in the US and create the synergy to grow our business here.”
The non-exclusive alliance would also help domestic companies looking to enter the US securities market, distribute their offerings and placements in the US, cross-border advisory services and make equity and wealth management products available to the private clients of both Oppenheimer and ICICI in India and the US.
“The alliance will provide us with a wide range of opportunities in corporate advisory and plays to the strength of our existing businesses,” Bernstein said.
ICICI Securities had recently tied up with Collins Stewart Hawkpoint of Britain in a similar strategic tie-up to serve the British and European markets.
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First Published: Wed, Sep 21 2011. 05 50 PM IST