Icap/Garban To Complete Merger In September

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LONDON--Intercapital and Garban finalized their merger agreement last week, in a move that will create one of the largest money broking firms in the world.

The combined group, to be called Garban-Intercapital, is set to combine operations by September, says Michael Spencer, Icap's London-based chairman.

The broking industry has contracted sharply over the last few years, prompted by the use of automated matching services, and a shrinking client base due to consolidation in the banking sector.

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