Collins Stewart to rescue ISTC in buyout

BRITISH investment bank Collins Stewart is to buy struggling lender International Securities Trading Corporation (ISTC) in a €5 million rescue deal.

Last night ISTC said Collins Stewart would acquire 100% of the company.

This will wipe out the holdings of ISTC’s existing investors, who are rumoured to include well-known businesspeople Denis O’Brien, Smurfit boss Gary McGann, Anglo Irish Bank chairman Seán FitzPatrick, property developer Paddy Kelly and billionaire tycoon Seán Quinn.