INTL FCStone Acquires the Futures and Options Brokerage and Clearing Business of UOB Bullion and Futures Limited in Singapore
SINGAPORE, March 19, 2019 /PRNewswire/ -- INTL FCStone Inc. (NASDAQ: INTL) today announced that its Singaporean subsidiary INTL FCStone Pte Ltd ("IFP") has executed an asset purchase agreement to acquire the futures and options brokerage and clearing business of UOB Bullion and Futures Limited, a subsidiary of United Overseas Bank Limited. Closing is conditional upon receiving regulatory approval by the Monetary Authority of Singapore.
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."
About INTL FCStone Inc.
INTL FCStone Inc., through its subsidiaries, is a leading provider of financial-services execution, risk management, market intelligence, and post-trade services across asset classes and markets around the world.
A Fortune 500 company with a nearly 100-year track record, the company focuses on providing products and services within the commodities, securities, foreign exchange and global payments sectors. INTL customers include the producers, processors and end users of virtually every major traded commodity; commercial counter parties; and governmental, nongovernmental and charitable organizations. The company also serves institutional investors, brokers, professional traders, CTA/CPOs, proprietary trading groups, commercial banks and major investment banks. Headquartered in New York City, the company is listed on NASDAQ under the ticker symbol "INTL".
Further information on INTL FCStone is available at www.intlfcstone.com.
About United Overseas Bank
United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. UOB is rated among the world's top banks: Aa1 by Moody's and AA- by both Standard & Poor's and Fitch Ratings. In Asia, UOB operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, as well as branches and representative offices across the region.
UOB Bullion and Futures Limited (UOBBF) was established in 1978 and is a wholly-owned subsidiary of UOB.
Media Contact
Jay A. Morakis
M Group Strategic Communications (for INTL FCStone Ltd)
+1 646 859 5951
[email protected]
INTL-G
SOURCE INTL FCStone Inc.
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