CGD Securities, of Portuguese state financial group Caixa Geral de Depósitos (CGD), has signed an agreement to buy 51 percent of Brazilian brokerage Octo CTVM, which operates on the Rico trading platform, the two companies said in a statement.
“Rico, the Octo CTVM trading platform and DirectaInvest, the home-broker of CGD Securities, have announced a merger of their operations and plans for CGD to acquire 51 percent of the shares of Octo CTVM, subject to the approval of the Brazilian Central Bank,” said the statement from Octo.
The announcement is the result of the companies’ growth strategy and according to the statement, “together, the companies make up the second largest independent retail brokerage in Brazil, with 90,000 customers.”
Founded in 2011, from its platform at http://www.rico.com.vc Rico offers a number of fixed and variable income investment solutions (shares, investment funds, treasury bonds, etc.) and has agents across the state of Sao Paulo, amongst other locations.
DirectaInvest, which has been in the market since 2001, was formed when CGD Securities acquired Banif Corretora.
CGD securities, which is part of Portugal’s largest financial group and is present in all the Portuguese-speaking countries, is owned in equal share by investment bank Caixa BI – Banco de Investimentos and Banco Caixa Geral – Brasil, which has been in the Brazilian market since April 2009. (macauhub/BR/PT)