Stifel to buy Germany's MainFirst in preparation for Brexit

Ridhima Sharma
clock • 1 min read

London based investment bank Stifel Europe, a subsidiary of Stifel Financial Corp, has agreed to buy Frankfurt-based MainFirst Bank.

As a consequence, the bank will acquire MainFirst Bank AG, MainFirst Schweiz AG and MainFirst Securities US.

Terms of the transaction were not yet disclosed. Closing is expected in the first quarter of 2019, pending regulatory approvals. Senior leadership from MainFirst has executed continuation agreements.

The deal has no impact on MainFirst’s asset management unit, which was separated from the brokerage business earlier this year. Coupled with Stifel’s existing strength in the UK market, the merger creates a Pan-European platform with deep local expertise and distribution power throughout the continent’s major markets

MainFirst carries a full German banking license, enabling Stifel to continue offering corporate advisory, brokerage, and investment banking services and clear and settle secondary equity and fixed income trades post-Brexit.

Eithne O’Leary, President of Stifel Europe said: “We are extremely pleased to partner with MainFirst, as we continue to make opportunistic investments in our business. Given the evolving European regulatory environment and changing market dynamics, we will continue to pursue strategies that enable us to best serve current and future clients with a wider range of products.”