Dubai
Shuaa Capital said it has entered into an agreement with Integrated Financial Group (IFG), towards the acquisition of Integrated Capital and Integrated Securities.
The strategic acquisition, which remains subject to regulatory approvals, of two of the UAE’s most active and successful financial institutions will bring improved synergies, enhancing Shuaa Capital’s suite of products and services, and allowing it to expand its footprint.
The signing of the agreement follows the completion of the due-diligence process initiated in March, Shuaa Capital said in a statement.
“This acquisition marks a significant milestone for Shuaa Capital on its return to prominence as the region’s leading integrated financial services firm. We look forward to the many opportunities and added value that this combined entity will bring to Shuaa’s stakeholders,” Fawad Tariq-Khan, General Manager of Shuaa Capital said in a statement.
Integrated Securities, which IFG acquired from First Gulf Bank in 2014, ranks within the top 10 by volume traded in the UAE. It brings to Shuaa over 3,000 clients and over Dh15 billion shares in custody which would position Shuaa to offer one of the leading brokerage platforms in the region, and will also serve as a base for expansion.
