INTL FCStone Inc. (NASDAQ:INTL), a global financial services organization delivering execution and advisory services in commodities, currencies and securities, has announced that its subsidiary, INTL FCStone Ltd, has reached an agreement to acquire the London-based EMEA oils business of ICAP plc following of the approval granted by the UK Competition and Markets Authority.
The business includes over 30 front office employees across the fuel, crude, middle distillates, futures and options desks with deep-rooted relationships with over 200 well known commercial and institutional customers throughout Europe, the Middle East and Africa.
Philip Smith, CEO of INTL FCStone Ltd, said:
This is an excellent opportunity to add an experienced and highly regarded team within the oil broking sector. This customer-centric business helps complement our already extensive product and service offering out of London, that includes grains and oilseeds, coffee and cocoa, metals, foreign exchange, global payments and fixed income.”