Shuaa Capital finalises deal to buy two financial outfits
Integrated Capital and Integrated Securities in deal
Shuaa Capital, the UAE integrated financial services firm, on Thursday said it had entered into an agreement with Integrated Financial Group (IFG) to purchase Integrated Capital and Integrated Securities, following the completion of due-diligence started in March.
The strategic acquisition, which remains subject to regulatory approvals, will bring improved synergies, and allowing it to expand its footprint, it said.
Integrated Securities, which IFG acquired from First Gulf Bank in 2014, ranks within the top 10 by volume traded in the UAE. It brings to Shuaa more than 3,000 clients and in excess of Dh15 billion shares in custody, which will enable Shuaa to offer one of the leading brokerage platforms in the region, it said. It will also serve as a base for expansion.
Integrated Capital will combine with Shuaa’s developing capital markets business which provides access to regional and international securities on the primary and secondary markets, Shuaa said.
"This deal will herald a new chapter for the group, and for the financial services landscape in the Mena region as a whole," said Jassim Alseddiqi, the chairman of Shuaa Capital.
Updated: July 20, 2017 12:26 PM