31st Aug 2005 06:00
Investec plc ("Investec" or "the group")Sale of US operationsInvestec USA Holdings Corp., a subsidiary of Investec plc, has entered into astock purchase agreement to sell Investec (US) Incorporated, its registeredbroker/dealer in the U.S., to Bank Hapoalim B.M., an Israeli-based bankinggroup. Investec sold the majority of its U.S. operations in 2002 and thistransaction effectively concludes the sale of its remaining U.S. operations,which are non-core to the group's strategy going forward. Investec willcontinue to provide UK and South African securities sales and trading servicesto its U.S. client base.The transaction has been approved by the boards of directors of both Investecplc and Bank Hapoalim B.M. Completion of the transaction is subject toreceiving the appropriate approvals from both companies' respective regulatoryauthorities in the U.S. and Israel.ENDINVESTEC PLCRelated Shares:
Investec