Lehman to buy Brics' arm

Finally Lehman announces the much expected and anticipated acquisition of Brics Securities.

Investment bank Lehman Brothers on Tuesday said it would acquire Institutional Equity Group of Brics Securities, a brokerage firm.

The acquisition would help in expansion of Lehman Brothers' presence by accelerating the development of its equities business and establishing an equity research and sales function, it said in a statement.

"India's economic growth and the increasing depth and breadth of its capital markets presents a strong business opportunity," Lehman CEO Tarun Jotwani said.

The acquisition would help Lehman Brothers to offer its clients more sophisticated and comprehensive equity research, primary equity placement, secondary trading and investment services in India.

(Source: Economic Times )

Lehman Brothers may be in talks to buy the institutional business of Brics Securities, reports CNBC-TV18.

Sources say that Lehman Brothers are in talks to buy the institutional business of Brics Securities and the deal is likely to be at a significant premium. The deal could be over Rs 200 crore.
The existing institutional team of Brics Securities will move to Lehman Brothers. However, there has not been any comments from Brics Securities or Lehman Brothers. Lehman Brothers has been looking at expanding its team in India and for further consolidation in the Indian working space.


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