Countrywide Financial Acquires CCM Futures
Countrywide Financial Corporation (NYSE:CFC) has announced that one of its subsidiary companies has entered into a definitive agreement to acquire the assets and assume certain liabilities of Chicago-based CCM Futures, LLC (”CCMF”). CCMF, an independent Introducing Broker for futures trading on the Chicago Board of Trade and Chicago Mercantile Exchange, is registered with the Commodity Futures Trading Commission and the National Futures Association. The acquisition, expected to close later this month, further solidifies Countrywide’s strategic focus on diversifying revenue streams.
“The acquisition of CCMF will strengthen our existing futures Introducing Broker business by expanding our product line and customer base, while diversifying our revenue streams,” said Ron Kripalani, president and chief executive officer of Countrywide Capital Markets, and executive managing director of Countrywide Financial.
“The futures trading industry has grown impressively and continues to demonstrate very attractive prospects for generating fee-based income for our Capital Markets business segment. The addition of CCMF’s capabilities to our existing activities provides economies of scale, as well as synergistic opportunities with our primary dealership in U.S. Treasury and our derivative trading operations,” added Kripalani.
“Countrywide’s reputation and financial strength will provide us the foundation to accelerate our growth and give our clients access to products we could not previously provide,” said Michael Crane, president of CCMF. “I’m very excited about the opportunities this combination brings to our clients and brokers.”
About Countrywide Financial Corporation
Founded in 1969, Countrywide Financial Corporation is a diversified financial services provider and a member of the S&P 500, Forbes 2000 and Fortune 500. Through its family of companies, Countrywide originates, purchases, securitizes, sells, and services prime and nonprime loans; provides loan closing services such as credit reports, appraisals and flood determinations; offers banking services which include depository and home loan products; conducts fixed income securities underwriting and trading activities; provides property, life and casualty insurance; and manages a captive mortgage reinsurance company. For more information about the Company, visit Countrywide’s website at www.countrywide.com. This press release does not constitute an offer of any securities for sale.