International Assets Holding Corp. buys brokerage in Argentina

Wed. April 08, 2009; Posted: 09:28 AM

Apr 08, 2009 (The Orlando Sentinel - McClatchy-Tribune Information Services via COMTEX) -- IAAC | Quote | Chart | News | PowerRating -- Altamonte Springs-based International Assets Holding Corp. has acquired a securities brokerage company in Argentina to expand its market share in South America, the companies said Tuesday.

The local enterprise acquired CIBSA, a longtime partner of International Assets' South American subsidiary, INTL Gainvest, officials said.

Financial terms were not disclosed. The plan calls for CIBSA's existing management to continue leading the Argentine company.

The move is the Altamonte Springs company's latest to shore up its securities trading and asset management businesses amid the global financial crisis.

International Assets posted significant decreases in profit and revenue in its most recent quarter, spurred by a major write-down in its commodities portfolio.

It has still sustained a profit, while many brokerage businesses have sunk into the red during the downturn.

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For full details on International Assets Holding Corporation (IAAC) click here. International Assets Holding Corporation (IAAC) has Short Term PowerRatings of 4. Details on International Assets Holding Corporation (IAAC) Short Term PowerRatings is available at This Link.

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