KBC Securities, the Hungarian unit of Belgian bank KBC, is to acquire a majority stake in e-brokerage Equitas, which serves mainly retail clients, the companies said in a joint statement on Thursday.
KBC Securities will take over management of Equitas as a result of the deal, which is expected to be finalized in Q1 2007. The companies did not disclose the purchase price. The acquisition marks another effort by KBC Securities to strengthen its presence in Central and Eastern Europe. Equitas started offering electronic trading services to retail investors in 2000. The activity generates 90% of its revenue. KBC Securities opened a branch in Budapest in October 2006 to take over the clients of scandal-ridden K+H Equities, the brokerage of K+H Bank, which is also owned by KBC. (Mti-Eco)