UAE-based financial services group Shuaa Capital will sell SHUAA Securities brokerage and market-making businesses in the UAE to IHC RSC, a subsidiary of International Holdings Company (IHC), pending regulatory approvals.
IHC is an investment holding company with diverse interests. Under the terms of the all-cash deal, IHC will acquire the operations of both businesses, which currently function as stand-alone business units within SHUAA, the financial services group said in a statement.
This sale is part of the strategy of the combined entity to exit non-core businesses and focus on asset management and investment banking, the statement said.
Shuaa Capital recently completed a transformational merger with Abu Dhabi Financial Group (ADFG). The merger creates an entity with $12.8 billion in Assets Under Management (AUM).
(Reporting by Seban Scaria; editing by Mily Chakrabarty)
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