Portugal's Banco Espirito Santo buys into stockbroker Execution Noble

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BES, Portugal's second-biggest listed bank, said on Monday its investment banking division had agreed to buy a 50.1% chunk of Execution Noble without disclosing how much it paid.

BES said the deal would create a new business with a strong presence in Brazil and India, offering a broad range of investment banking services.

"This acquisition establishes our ambition of becoming a key international investment banking player," said Jose Maria Espirito Santo Ricciardi, the chief executive of BES' investment banking unit.

Privately-owned Execution Noble was created in December last year after stockbroker Execution bought small-cap focused investment bank Noble Group.