Nov 5 (Reuters) - Australian stockbroker Ord Minnett said on Thursday it will buy rival E.L. & C. Baillieu as it looks to expand its client base and boost its market position.
The deal gives Ord Minnett the opportunity to acquire clients and advisers based in Melbourne, Australia's second-largest city, where it seeks to gain a strong foothold.
"The scale benefits and self-clearing of the two businesses will allow us to be leaders in financial advice," said Karl Morris, the chief executive of Ord Minnett, in a joint statement from the companies.
Swiss bank Credit Suisse CSGN.S had been eyeing an exit from its 23.3% stake in E.L. & C. for some time, according to The Australian Financial Review's Street Talk column https://www.afr.com/street-talk/ord-minnett-tapped-for-exclusive-talks-at-el-and-c-baillieu-20200917-p55wfh.
E.L. & C. will continue to operate under its name, the companies said.
The firms did not disclose a deal value.