Lehman buys India broking platform
Lehman acquires the institutional equity group of Brics Securities in India and adds equity sales, trading and research capabilities to its portfolio.
Lehman Brothers will buy the institutional equity group of Brics Securities, a leading brokerage firm in India. Brics offers financial services including equity, debt and commodity brokerage, portfolio management, distribution of third-party products and depository facilities.
Financial terms of the deal were not disclosed. Indian media has speculated that the US investment bank will pay Rs2 billion $49.5 million for Brics.
Via the deal, Lehman Brothers will gain a ready-made equity research, sales and trading platform in India with 40...
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