Close Brothers sells Seydler to Oddo&Cie
British financial services group Close Brothers has sold the Seydler Bank AG, its German securities business, to French midcap broker Oddo &Cie, the company will be renamed Oddo Seydler.
Oddo&Cie already has a Frankfurt-based office, with the aquisition of 110 employee strong Seydler Bak, the firm aims to develop its investment banking activities and lay the foundations for a Franco-German bank.
Seydler Bank operates in equity and bond brokerage, IPO consulting, capital increases, bond issues and designated sponsoring, it’ annual income is close to €40m.
“I am particularly pleased with this acquisition which takes place in a climate of strong trust with René Parmantier’s teams. We are about to bring a privileged access on the Mittelstand to our current clients and to offer to German family businesses a way of reaching worldwide investors” declares Philippe Oddo, managing partner of Oddo & Cie.
The aquisition is subject to regulatory approval by German financial supervisory authority Bafin, according to Oddo&Cie, it could be completed by the end of 2014.