Portuguese broker MDS targets Spain
Portuguese retail broking giant MDS has confirmed expansion plans for Spain.
Speaking exclusively to Post Europe, Jose Manuel Dias da Fonseca, president of MDS, said: "Sooner or later we need to be in Spain. This is a natural market for Portugal because there are similarities, such as the strong focus on Latin American. We want to be global and strong in Latin American so we need to be in Spain.
Although he would not confirm the firm's plans in terms of size he explained: "We are currently in conversations but this will happen in the next year. It is important to be sizable in Spain and the big three brokers are very strong there. It will be important to be an independent broker in what I would call the second division in terms of property and casualty."
He confirmed the only way to enter the market would be through acquisition or joint venture. This comes just weeks after MDS Holdings acquired a 50% stake in intermediary Coral, which operates in Spain and Portugal providing cover for the automobile sector and related industries. MDS had revenue of €17m for 2010.
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