Indonesian MNC Group buys controlling stake in US brokerage Auerbach Grayson

MNC Kapital is part of a business group controlled by tycoon Hary Tanoesoedibjo

  
Man wearing a protective mask walks near screens displaying the stock market index at the Indonesia Stock Exchange (IDX), as the outbreak of the coronavirus disease (COVID-19) continues, in Jakarta, Indonesia, September 8, 2020.

Man wearing a protective mask walks near screens displaying the stock market index at the Indonesia Stock Exchange (IDX), as the outbreak of the coronavirus disease (COVID-19) continues, in Jakarta, Indonesia, September 8, 2020.

REUTERS/Willy Kurniawan

JAKARTA - Financial firm PT MNC Kapital Indonesia has acquired a controlling stake in New York-based brokerage Auerbach Grayson & Company, previously owned by Egypt's Beltone Financial Holding, the Indonesian firm said in a statement on Monday.

MNC Kapital is part of a business group controlled by tycoon Hary Tanoesoedibjo, an Indonesian politician and business partner of U.S. President Donald Trump.

An MNC Kapital unit has purchased a controlling stake in Auerbach Grayson, while David Grayson, the U.S. brokerage's co-founder, repurchased the remaining shares, MNC Kapital said, adding that the deal has been approved by the United States Financial Industry Regulatory Authority.

The deal would widen distribution network of services for MNC Kapital's businesses, with its unit MNC Sekuritas set to cover all of Auerbach Grayson's transactions in Indonesia,the company said.

Egyptian investment bank Beltone last year said it planned to sell a 60% stake in Auerbach Grayson. 

(Reporting by Agustinus Beo Da Costa Writing by Gayatri Suroyo Editing by Bernadette Baum ) ((gayatri.suroyo@thomsonreuters.com; +622129927609; Reuters Messaging: gayatri.suroyo.thomsonreuters.com@reuters.net))


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