23 May 2012
Maybank obtains investment banking licence from Hong Kong authorities to offer corporate advisory services such as initial public offering and equity offerings, merger and acquisitions and corporate restructuring in Hong Kong
(MAYBANK opening price today (23.05.2012) was RM 8.45)
Maybank Investment Bank Bhd (MIB) has obtained an investment banking licence from the Hong Kong authorities.
According to MIB chief executive officer Tengku Zafrul Aziz, the Type 6 licence issued by the Securities and Futures Commission of Hong Kong yesterday for “advising on corporate finance” would allow the group to offer corporate advisory services such as initial public offering and equity offerings, merger and acquisitions and corporate restructuring in the country.
Prior to this, MIB’s operations in Hong Kong only had a full broker licence to conduct share-trading activities there.
The newly-obtained investment banking licence would complement Maybank group’s plan to expand in one of the most exciting financial markets in the world.
“The licence will open doors for us to penetrate the investment banking industry in Greater China,” Tengku Zafrul told StarBiz.
To date, only a handful of Malaysian financial institutions have investment banking operations in Hong Kong.
Besides the newly-licensed MIB, other Malaysian institutions allowed to operate investment banking and corporate finance in Hong Kong are CIMB group, through its investment bank arm CIMB Securities (HK) Ltd (formerly known as CIMB-GK Securities (HK) Ltd), and OSK Holdings Bhd.
Since its acquisition of a strategic stake in Singapore-based Kim Eng Holdings Ltd last year, MIB has been expanding its operations in the region. The group aims to become a leading regional financial powerhouse by 2015.
The group has been able to capitalise on rising opportunities as prominent international investment banks begin to scale back their operations because of uncertainties in the global economy.
As shortage of talent had long been a problem plaguing the investment banking industry, Tengku Zafrul said there was now a bigger pool of talent from which the group could source for its regional expansion.