IBI Investment House Ltd. (TASE:IBI) is expanding its overseas services. The company's investment banking division is to sign a strategic collaboration agreement with US investment bank Stifel Nicolaus.
IBI head of investment banking Meir Matana said, "Signing an agreement with the 11th largest bank in the US will enable collaboration on issues such as offerings by Israeli companies in the US, as well as acquisitions, and mergers between Israeli and US companies. The collaboration agreement is exclusive to both sides. The target deal flow for the first year of activity is $250-300 million. "
Matana stressed that IBI preferred a collaboration with Stiefel Nicolaus over other choices, since "this is a large bank which specializes in investment in mid-size companies, a size that corresponds to that of Israeli companies."
Stifel Nicolaus managing partner Richard Giles added, "The Israeli market holds vast potential for us."
Stifel Nicolaus, a subsidiary of Stifel Financial Corp. (NYSE: SF) provides professional advisory services to mid-size companies in the technology, real estate, financial, healthcare and energy sectors. In 2005 it acquired the activity of Legg Mason Capital Markets.
Published by Globes [online], Israel business news - www.globes-online.com - on April 6, 2008
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