South African financial services group Investec announced on Wednesday that Investec USA Holdings Corporation, a subsidiary of Investec plc, has entered into a stock-purchase agreement to sell Investec (US) Incorporated, its registered broker in the United States to Israeli banking group Bank Hapoalim BM.
Investec sold the majority of its US operations in 2002 and this transaction effectively concludes the sale of its remaining US operations, which are non-core to the group’s strategy going forward, it said.
Investec will continue to provide United Kingdom and South African securities sales and trading services to its US client base.
The transaction has been approved by the boards of both Investec plc and Bank Hapoalim BM, and completion of the transaction is subject to receiving the appropriate approvals from both companies’ respective regulatory authorities in the US and Israel. — I-Net Bridge