KBC Securities Finalises Acquisition of Hipobroker in Serbia
Following its announcement on 17 April 2007, KBC Securities has finalised the acquisition of the Serbian broker, Hipobroker. After having received the approval of the Serbian Securities Commission and Antitrust Authorities, KBC Securities is now the sole owner of this company. Hipobroker is a small retail broker with a market share of 0.68% (1.78% in terms of transactions). It has three retail branches that concentrate mainly on selling shares of companies in the privatisation market. As the legal framework requires broker clients to hold an account at a bank, Hipobroker is cooperating with A Banka, the Serbian bank recently acquired by KBC. On 17 April 2007, KBC Securities also announced the acquisition of the Serbian broker Senzal and the corporate finance boutique Bastion. These agreements are still subject to approval by the Serbian Supervisory and Regulatory authorities. It is KBC Securities’ intention to merge Hipobroker and Senzal into KBC Securities Serbia.