Fortis and SG CIB acquire stake in SecFinex

Fortis and SG CIB acquire stake in SecFinex

Fortis Bank and SG Corporate & Investment Banking have acquired a stake in SecFinex, the online marketplace for securities finance.

The size of the stake and financial investment have not been disclosed, although the company says that Chris Fay, CEO of SecFinex and other senior members of management will remain in their positions and all prior shareholders continue to retain a stake in the platformm. A steering group drawn from SecFinex customers will continue to meet regularly to drive the development of the business.

Commenting on the investment, Fay says: "We are committed to remain an open platform serving our many existing users along with the new participants joining every month. The backing of both Fortis and SG CIB will allow us to grow at a faster rate with new products and new markets to be added to the system."

Frank Vogel, MD, Fortis Bank, comments: "Our investment helps ensure the continued success of SecFinex and will allow us to be part of a rapidly growing global online marketplace for securities finance."

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