Euromoney understands that Goldman Sachs has been appointed to run the books on the sale. Two counterparties – both private equity firms – are bidding for the stake.
Bankers involved in discussions about the deal say its completion is some way off. A debate surrounds the amount of stock the bank owners are prepared to unload. Most are in favour of a sale of between 25% and 30% on a pro rata basis, although Euromoney understands that a small number of banks would like to see a complete sale of FXall.
Discussions have apparently been slowed by the recent sale of Hotspot. That deal failed to realize its previous owners the valuation that most in the market had anticipated, leading the...
