Haitong International Securities Group Ltd. said Dec. 15 that it plans to acquire Haitong (UK) Ltd. and Haitong Securities USA LLC from Portugal-based Haitong Bank SA for a total consideration of US$29.3 million.
The proposed acquisition will equip the Hong Kong-based company with business licenses in the U.K. and the U.S.
Upon completion of the acquisition, Haitong (UK) and Haitong Securities USA will become indirect wholly owned subsidiaries of Haitong International Securities.
Haitong International Securities will also be able to serve as a broker for U.S. government securities and trade securities for own account. It can also serve as financial adviser for M&A and for other corporate transactions.
In addition, the company can also act as a member of the London Stock Exchange, serve as custodian of assets, agent for trading and trade securities for own account in the U.K.
Haitong International Securities acquired Haitong Securities India Pvt. Ltd. from the Portugal-based lender in 2016.
Haitong Securities Co. Ltd. is the companies' ultimate parent.