Singapore: Rapidly expanding broker Icap has bolstered its position in Asia again. The broking giant has snapped up Indian shipbroker CTI for $2.5m. CTI has 28 staff and offices in New Delhi and Mumbai.
CTI Shipbrokers was established in 2004 by Mumbai’s Tradex, Singapore’s Island Shipbrokers, and London’s Capital Shipbrokers – now Icap.
Island Shipbrokers was itself bought by Icap in February as Icap looks to position itself as a leader in Asia. [01/10/12]