CALABASAS, Calif. Countrywide Credit Industries Inc. has launched a European affiliate to its Countrywide Securities Corp. broker-dealer.
The new entity, CCM International Ltd., provides mortgage-related capital markets and investment banking expertise to the European Community. It is focusing initially on providing U.S.-originated fixed-income products for European banks, asset managers, conduits, building societies, and insurance companies.
This venture signals further efforts to capitalize on the companys expertise and experience with mortgage and asset-backed securities, and pursue overall diversification in our business-to-business activities, said Ron Kripalani, president of Countrywide Capital Markets Inc.
CCM International is based in London and is currently in the process of obtaining regulatory approval from the Securities Futures Authority, which would allow it to conduct business throughout Europe.
The venture is headed by executive director Brett D. Frances, who most recently served as a senior vice president and the manager of fixed-income sales for Prudential Bache International. He has 15 years of capital markets experience.