Lazard wins the race for Panmure

INVESTMENT bank Lazard today clinched the purchase of Panmure, the corporate stockbroker that has been operating in the Square Mile for 127 years and counts WPP, Associated British Foods and Safeway among its blue-chip clients.

Lazard has bought Panmure from German bank WestLB and will operate it as a stand alone business within the group.

Lazard chairman Marcus Agius said: 'With the dearth of first-rate independent corporate brokers in the UK and Europe, plus the supportive ownership of Lazard, I am confident this enhanced business will enable us to offer clients a full range of high-quality independent and objective financial counsel.'

WestLB put the business up for sale in September. Bridgewell, Durlacher, Teather & Greenwood and a management buyout team were among the potential buyers. The price is estimated to be less than £10m.

The deal is Lazard's first significant acquisition since dealmaker Bruce Wasserstein was parachuted in two years ago after an unhappy time at Dresdner Bank.

It is seen as a blow to Cazenove, which acted as broker to many Lazard clients and was seen as a possible merger partner.