American Express To Acquire Sharepeople, Launch Brokerage Services In UK
American
Express Company announced at the end of last week
its intention to purchase Sharepeople Group PLC, the
holding company of Sharepeople Ltd, one of the leading
online brokerages in the UK, subject to approval by
the necessary regulatory authorities and shareholders
of Sharepeople. The deal will mark American Express'
entry into the UK's growing online brokerage business.
American Express is paying approximately £29.9m
(US$44m) for the company, which will be known as American
Express Sharepeople. Sharepeople
has more than 18,000 accounts in the UK. It offers
mainly private investors the ability to trade in UK
and US equities, as well as unit trust products. The
www.sharepeople.com
website provides after-hours order placing, as well
as research and information from leading information
providers such as BARRA and Standard & Poor's.
Jim Cracchiolo,
President of Global Financial Services at American
Express, said in a press statement: 'This acquisition
is a part of our strategy to become a leading provider
of financial products and services around the world.
We want to be as well known in financial services
as we are in cards and travel.' Ruediger
Adolf, General Manager at Global Brokerage & Membership
B@nking, added: 'Sharepeople gives us a platform to
quickly build our brokerage business in a very attractive
market. Sharepeople is a leader in the UK market with
a strong set of products that are ideal for our launch
of brokerage services in the UK.' .
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