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MNC Group buys controlling stake in US brokerage Auerbach Grayson
MNC Kapital is part of a business group controlled by tycoon Hary Tanoesoedibjo, an Indonesian politician and business partner of United States President Donald Trump.
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Customers talk while waiting in MNC Bank's office in Jakarta. (kontan.co.id./Daniel Prabowo)
F
inancial firm PT MNC Kapital Indonesia has acquired a controlling stake in New York-based brokerage Auerbach Grayson & Company, previously owned by Egypt’s Beltone Financial Holding, the Indonesian firm said in a statement on Monday.
MNC Kapital is part of a business group controlled by tycoon Hary Tanoesoedibjo, an Indonesian politician and business partner of United States President Donald Trump.
An MNC Kapital unit has purchased a controlling stake in Auerbach Grayson, while David Grayson, the US brokerage’s co-founder, repurchased the remaining shares, MNC Kapital said, adding that the deal has been approved by the United States Financial Industry Regulatory Authority.
The deal would widen distribution network of services for MNC Kapital’s businesses, with its unit MNC Sekuritas set to cover all of Auerbach Grayson’s transactions in Indonesia,the company said.
Egyptian investment bank Beltone last year said it planned to sell a 60 percent stake in Auerbach Grayson.
