To further expand its business in Europe, Macquarie Group (ASX:MQG) has agreed to buy the equity trading and research operations of Sal. Oppenheim.
Australia’s largest investment bank says that more than 50 staff of Sal. Oppenheim will move to Macquarie after the completion of the purchase, scheduled for the second quarter of 2010.
At this stage Macquarie hasn't revealed a purchase price.
The acquisition follows Macquarie's purchase of Sal. Oppenheim’s derivatives business in December which saw it take on more than 90 German and Swiss-based employees.
Macquarie Group achieved a net profit of $871 million in 2009.