Malaysia's Malayan Banking Bhd (Maybank) plans to buy Singapore stockbroker Kim Eng Holdings Ltd in a deal valued at up to US$1.38 billion, reports The Star.
Acquiring Kim Eng Holdings Ltd will expand Maybank's regional footprint in investment banking and stockbroking operations, says the newspaper. The Singapore company is ranked as a top 5 stockbroker in Singapore, Thailand, Indonesia and the Philippines. Kim Eng also has a presence in Hong Kong, London and New York.
By taking over Kim Eng, Maybank would have commercial banking, investment banking and stockbroking activities in nearly all of the major markets in South-East Asia.
“Kim Eng is a perfect complement to our existing strengths in investment banking and the equities market. It gives us the immediate platform to aggressively build up our global wholesale banking capabilities in Asean and beyond,” Maybank chairman Tan Sri Megat Zaharuddin Megat Mohd Nor says in a statement obtained by The Star.
The transaction is subject to approval from Bank Negara and the Monetary Authority of Singapore and is expected to be finalised by April.
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