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RHB Bank : Sells Singapore Stockbroking Unit to Phillip Securities

06/29/2020 | 08:59 pm

By Chester Tay

Malaysia's RHB Bank Bhd. is selling its Singapore stockbroking business to Phillip Securities Pte. Ltd. due to an increasingly competitive broking environment.

The disposal will involve RHB Investment Bank selling its entire equity interest in RHB Securities Singapore Pte. Ltd. to Phillip Securities for a consideration based on net tangible assets in the unit, RHB Bank said in a filing to the stock exchange late Monday.

Prior to the disposal, RHB Bank will transfer its capital markets businesses under the stockbroking subsidiary covering client coverage, research and corporate advisory services, equity capital markets and institutional equities sales to RHB's Singapore branch.

RHB said the alignment of the capital markets business and the wholesale business of RHB Bank's Singapore branch under one entity would allow the group to more effectively deliver solutions to targeted clients.

 

Write to Chester Tay at chester.tay@wsj.com

 

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