Stifel Financial, the medium-sized US investment bank. U., announced that it is buying the small German bank MainFirst to expand its equity business and ensure that it can continue to operate throughout the EU after the UK's departure from the mainland.
Stifel, based in Missouri, grew a point of support in the UK income market after buying the stockbroker from the city, Oriel Securities, four years ago.
In one of the first bank purchases related to Brexit, he said yesterday that his European subsidiary had agreed to acquire 200 MainFirst's main boutique bank to create a "pan-European platform" for capital markets.
"MainFirst has a full German banking license, allowing Stifel to continue offering corporate advisory, brokerage and investment banking services and clarify and liquidate secondary secondary and post-Brexit secondary bargains," said Stifel in a statement Tuesday.
Stiffel added that MainFirst is known for its equity research in both Germany and Switzerland, and "[add] important capabilities of capital recruitment "for its business of issuing assets.
Although he did not disclose the terms of the transaction, he said that the agreement is expected to close in the first quarter of 2019, pending regulatory approval.
The movement is due to the fact that numerous financial services companies are preparing to move personnel or operations to EU capitals such as Paris, Dublin, Frankfurt and Amsterdam before leaving the UK block next March. Meanwhile, European creditors, such as Handelsbanken, have requested bank licensing in the United Kingdom to continue operating in the UK after Brexit.