MARKETS | Staff Reporter, Singapore

RHB to divest its Singapore stock brokerage business

It will dispose of its entire equity interest to Phillip Securities.

RHB Investment Bank Berhad (RHBIB), the wholly-owned subsidiary of RHB Banking Group, has entered into a conditional share purchase agreement with Phillip Securities for the disposal of its stock broking businesses in RHB Securities Singapore (RHBSS), the group announced.

Under the transaction, RHBIB will dispose of its entire equity interest in RHBSS to Phillip Securities.

RHB will internally transfer its capital markets businesses under RHBSS, encompassing client coverage, research and corporate advisory services, equity capital markets and institutional equities sales to RHB Bank, Singapore, which is a branch of RHB Bank Berhad. As such, Phillip Securities will only be acquiring RHBSS’ stock broking business.

This internal transfer of the capital markets businesses from RHBSS to RHB Bank, Singapore would enable the group to provide a more holistic customer experience to its corporate and institutional clients in Singapore and the region through its suite of wholesale banking solutions.

Further, the alignment of the capital markets and the wholesale business of RHB Bank, Singapore under one entity would allow the group to deliver solutions more effectively to their targeted clients, the announcement read.

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