Brokerage consolidation is back in the spotlight
The news ends months of speculation that the French banks were looking to combine forces in the broking business amid an environment of eroding commissions. Others to have taken similar steps include Man Financial's purchase of Refco Canada in November 2005 for $282 million, and UBS's acquisition of ABN Amro Futures Brokerage for $688 million last summer.
"The industry trend is towards consolidation, and you need to be as big as possible to compete in this environment," Nicolas Breteau, chief
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