Investec sells NY clearing division to Fiserv

Investec Ernst & Company, the New York-based division of South African banking group Investec, has sold its correspondent clearing business to Fiserv for an undisclosed sum.

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Investec sells NY clearing division to Fiserv

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Investec Ernst currently has 20 staff servicing more than 80 correspondent clearing relationships. The 2002 revenues from this business are projected at approximately $20 million.

Leslie Muma, president and CEO of Fiserv, says: "This expansion of our client base through additional institutional broker-dealers brings added depth to our securities processing business. In addition, we're gaining processing volumes, which is key to success in this industry sector."

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