SINGAPORE, Oct. 7, 2019 /PRNewswire/ -- INTL FCStone Inc. (NASDAQ: INTL) today announced that its Singaporean subsidiary INTL FCStone Pte Ltd ("IFP") has met all conditions of the Asset Purchase Agreement it entered into on 18 March 2019 (the "APA"), and completed the acquisition of the futures and options brokerage and clearing business of UOB Bullion and Futures Limited, a subsidiary of United Overseas Bank Limited.
As part of the acquisition, IFP upgraded its Capital Markets Services license in Singapore so it can offer full service brokerage encompassing dealing in exchange-traded derivatives contracts, over-the-counter derivatives contracts and spot foreign exchange contracts for the purposes of leveraged foreign exchange trading. IFP was also admitted as a Trading Member of Singapore Exchange Derivatives Trading Limited ("SGX-DT") and Clearing Member of Singapore Exchange Derivatives Clearing Limited ("SGX-DC").
Greg Kallinikos, Chief Executive Officer of IFP and Deputy CEO, Asia for INTL FCStone group, commented on the closing of the transaction, "The successful completion of our acquisition of UOB Bullion and Futures Limited's F&O business in Singapore marks the beginning of a new, exciting era for INTL FCStone in Asia. We are both thrilled and honoured by the prospect of serving our new customers and look forward to building long lasting relationships with all of them. This transaction significantly enhanced our regional and international capabilities with the addition of SGX as another major exchange we now offer clearing and execution services on. This is an important milestone in expanding INTL FCStone's presence in Asia and fully supports our plans of offering a one-stop solution for all our customers' market access needs for listed derivatives globally."
About INTL FCStone Inc.
INTL FCStone Inc., through its subsidiaries, is a leading provider of financial-services execution, risk management, market intelligence, and post-trade services across asset classes and markets around the world.
A Fortune 500 company with a nearly 100-year track record, the company focuses on providing products and services within the commodities, securities, foreign exchange and global payments sectors. INTL customers include the producers, processors and end users of virtually every major traded commodity; commercial counter parties; and governmental, nongovernmental and charitable organizations. The company also serves institutional investors, brokers, professional traders, CTA/CPOs, proprietary trading groups, commercial banks and major investment banks. Headquartered in New York City, the company is listed on NASDAQ under the ticker symbol "INTL".
Further information on INTL FCStone is available at www.intlfcstone.com.
About United Overseas Bank
United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. UOB is rated among the world's top banks: Aa1 by Moody's and AA- by both Standard & Poor's and Fitch Ratings. In Asia, UOB operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, as well as branches and representative offices across the region. UOB Bullion and Futures Limited (UOBBF) was established in 1978 and is a wholly-owned subsidiary of UOB.
Jay A. Morakis
M Group Strategic Communications (for INTL FCStone)
+1 646 859 5951
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SOURCE INTL FCStone Inc.