Stifel Financial, a regional US securities brokerage, is buying a rival investment bank two years after acquiring a capital markets business from Citigroup.

Stifel Financial has agreed to buy Ryan Beck, the investment banking subsidiary of BankAtlantic Bancorp, Ryan Beck pulled a $100m (€77m) initial public offering last year due to its unprofitability. BankAtlantic Bancorp, the diversified financial services holding company, bought Ryan Beck in 1998.