INTL FCStone Inc. (NASDAQ: INTL) just informed that its Singaporean subsidiary INTL FCStone Pte Ltd (IFP) is about to acquire the futures and options brokerage and clearing business of UOB Bullion and Futures Limited, a subsidiary of United Overseas Bank Limited.
Greg Kallinikos, Deputy CEO, Asia, commented on the acquisition:
Adding such a well-established, Asian-focused futures and options brokerage and clearing business to the INTL FCStone group gives us critical mass in our regional capabilities, provides us access to a solid and reputable client base, and enhances our global product offering out of Singapore.
This acquisition solidifies our strong commitment to the Asian region, and we look forward to becoming the leading provider of global market access in Singapore.
Closing of acquisition is upon regulatory approval by the Monetary Authority of Singapore (MAS).