Lehman to acquire Brics institutional equity

Mumbai, Aug 15: Lehman Brothers, the global investment bank, today announced it has agreed to acquire the Institutional Equity Group of Brics Securities (Brics), a leading brokerage firm in India.

Brics, part of J V Gokal Group, offers comprehensive financial services including equity, debt and commodity brokerage, portfolio management, distribution of third-party products and depository facilities. The terms of the transaction were not disclosed.

In a statement here today, Tarun Jotwani, chairman and chief executive officer of Lehman Brothers, India, said ''Lehman Brothers has grown its presence in India considerably over the past year and this transaction underscores our commitment to building a strong franchise here. India's economic growth and the increasing depth and breadth of its capital markets presents a strong business opportunity, and Brics' Institutional Equity Group is a natural fit in our efforts to accelerate our development in this critical area.

Under the stewardship of Pankaj Vaish, head of Equities, India, we look forward to broadening our suite of client services.''

UNI