New Delhi: US-based investment banker Lehman Brothers announced on 20 August it has acquired the institutional broking business of domestic brokerage Brics Securities for an undisclosed amount.
“India’s economic growth and the increasing depth and breadth of its capital markets presents a strong business opportunityCommenting on the acquisition,” Lehman India CEO Tarun Jotwani said in a release.
Besides, the deal would help establish an equity research and sales function with the addition of approximately 40 sales and trading professionals and research analysts, the release said.
With the acquisition, Lehman Brothers would be able to offer its clients more sophisticated and comprehensive equity research, primary equity placement, secondary trading and investment services in India, it added.
Brics, a fully-owned subsidiary of tea and commodities trading house JV Gokal Group, offers comprehensive financial services, including equity, debt and commodity brokerage, portfolio management, distribution of third-party products and depository facilities.