Financial and Banking News


Arab Investors To Sell Smith Barney Stake

A group of 33 private Arab investors who own 22% of the New York retail brokers Smith, Barney, Harris and Upham have retained Bankers Trust to advise them in a proposed sale of their stake, which was acquired for $40mn in 1982. The investors are apparently asking $160mn for their share which is twice book value. (Other recent sales of investment banking interests in the US have been at an average...