United Arab Emirates-based Shuaa Capital PSC agreed to sell its Shuaa Securities brokerage and market making businesses in the country to IHC RSC Ltd., a unit of International Holdings Company PJSC, subject to regulatory approvals.
The terms of the all-cash deal were not disclosed. Under the deal, IHC will acquire the operations of both divisions.
In August, Shuaa completed its merger with Abu Dhabi Financial Group, and the sale is part of the combined entity's strategy to exit noncore businesses and focus on asset management and investment banking.
The two businesses are currently stand-alone business units within Shuaa.
