Banco Santander to purchase Peregrine Asian equities core

The fate of much of the remainder of Peregrine Investments Holdings' broking arm moved closer to being sealed last night after Banco Santander reached agreement to buy the core Asian equities team.

It is believed that Banco Santander, Spain's largest banking group and an emerging market specialist, has offered in the region of US$23 million for a large part of the Peregrine business not included in this week's purchase by Banque Nationale de Paris (BNP) of the Hong Kong and China equities business.

In a statement last night Banco Santander said the offer, made through its investment banking arm Santander Investment, was still subject to the approval of the High Court and regulatory authorities.

'If the approvals . . . are forthcoming, then the Peregrine team will join Grupo Santander,' it said.

The offer is thought to include 150 employees - headed by Peregrine Securities' chief executive Andrew Jamieson - who will be based in Hong Kong, Singapore, London and the United States.

It does not include Peregrine's smaller regional offices such as those in Thailand, Indonesia, the Philippines and South Korea although a few key staff from those offices are expected to be retained.

The offer by Banco Santander follows its unsuccessful bid to buy the whole of the Peregrine equities business in what is believed to have been a $100 million written offer on January 23.