Six Group has agreed a deal to acquire 100 percent of Oslo Clearing from Norway's Oslo Børs for NOK 180 million (approximately $32 million).
The deal, which will go through in the second quarter of 2014 subject to regulatory approval, will see Six add Oslo Clearing to its securities services business.
Thomas Zeeb, chief executive officer of securities services at Six, says the acquisition will enable the group to cut costs and increase flexibility for its customers.
"The acquisition of Oslo Clearing is complementary to our existing businesses and provides a further expansion of choice, both for existing Six clients as well as Oslo Clearing clients, who will benefit from single-interface access to additional markets as well as greater efficiencies and economies of scale," says Zeeb. "Additionally, we see significant opportunities for future product extensions and diversification as part of our post-trade value chain."
While at Sibos Toronto, James shares some interviews covering topics on blockchain, fintechs and cybersecurity.Subscribe to Weekly Wrap emails