ABM Amro returns to brokerage market

The Romanian subsidiary of ABN Amro has decided to return to the domestic brokerage market, according to the ‘Ziarul financiar’. Bank officials say that, after seven-year break, ABN Amro Securities is now being authorised by the National Securities Commission (CNVM). The ABN brokerage company could become operational in February having bought the right to trade on the Bucharest Stock Exchange (BVB). It will become one of the few brokerage companies that are not a shareholder of BVB. ‘We have found that there is interest on the Romanian capital market both among the local clients and the foreign ones. ABN Amro has a tradition in the brokerage of securities issuance and we intend to make use of our experience on the local market as well’, stated ABN Amro Securities Director Claudia Butac, quoted by the ‘Ziarul Financiar’. She also indicated that the company did not intend to reach a certain market share but that it wanted to attract large and medium scale customers consistently with the trend of the Dutch bank. ING Securities is leader on the local brokerage market on a market share of almost 10 per cent, with trading amounting to over EUR 550 M in 2006. Major moves are anticipated on the Romanian brokerage market this year – the most important merger on the market. SSIF Broker SA, SSIF HTI Securities SA and SSIF The Romanian Investment Company Investco SA reached an agreement in principle on merger at the end of last year. The merger will give birth to the largest Brokerage Company and the largest BVB shareholder.

Source: nineoclock.ro