BESI opts to buy Execution

CITY broker Execution Noble announced yesterday that Portuguese investment bank Banco Espirito Santo de Investimento (BESI) had acquired a majority stake in the firm for an undisclosed sum.

BESI, the investment banking unit of Banco Espirito Santo (BES) has taken a 50.1 per cent stake in the broker with the remaining shares being held by Execution’s senior management and staff.

The combined group will employ around 1,000 staff providing investment banking services, particularly in emerging markets.

Jose Maria Espirito Santo Ricciardi, chief executive of BESI, said the acquisition was critical to the investment bank’s international expansion.

“Through Execution Noble, we will have access to a world-class distribution platform in the main financial markets through which we can leverage our existing Iberian and emerging markets investment banking product offering,” he added.