Beltone Financial sells US-based brokerage Auerbach Grayson
M&A WATCH- Beltone Financial sells US subsidiary Auerbach Grayson: Beltone Financial Holding has completed the sale of its 60% stake in New York-based brokerage Auerbach Grayson to an unnamed group of investors, the company said in a statement (pdf) on Thursday. The investment bank said the sale will be finalized once it secures approval from the US’ Financial Industry Regulatory Authority. The move is part of Beltone’s strategy to restructure with a focus on investment banking and expanding its non-banking financial services in Egypt and neighboring markets, the statement said.
Background: Beltone announced its intention to offload its majority stake in Auerbach Grayson earlier this year, citing “large losses” it had incurred since purchasing the stake in 2016.