Bob Diamond's Panmure Gordon & Co. PLC (AIM:PMR) has confirmed plans for an all-share merger with Liberum to create what is being touted as the City's largest independent investment bank.
This new entity will boast over 250 retained corporate clients and will offer banking services, research, sales and execution.
The deal is being characterised as complementary. However, the stagnation of the UK equity market, particularly the small- and mid-cap segment, has forced a number of defensive transactions such as the combination of Cenkos and finnCap and Deutsche Bank's takeover of Numis Corp.
Shane Le Prevost, founder of Liberum, will serve as the non-executive chair of the board, while the CEO will be Diamond's lieutenant and former Barclays senior exec, Rich Ricci.