PHILLIP SECURITIES TO ACQUIRE RHB SECURITIES’ STOCK BROKING BUSINESSES IN SINGAPORE
SINGAPORE, 29 June 2020 – Phillip Securities Pte Ltd (“Phillip Securities”) today announced that it has entered into a conditional share purchase agreement with RHB Investment Bank Berhad (“RHBIB”) of Malaysia for the acquisition of its Singapore stock broking businesses in RHB Securities Singapore Pte. Ltd. (“RHBSS”) (“Proposed Transaction”). RHBIB is a wholly-owned subsidiary of RHB Banking Group (“RHB” or “Group”) in Malaysia.
The Proposed Transaction entails the acquisition by Phillip Securities of RHBIB’s entire equity interest in RHBSS, a wholly owned-subsidiary of RHBIB. Under the Proposed Transaction, Phillip Securities will only be acquiring RHBSS’ stock broking business.
The acquisition will enhance the investing and trading experience of customers transferred from RHBSS. Phillip Securities’ new customers will enjoy greater access and convenience to trade a broad range of over 40,000 global investment products on its online trading platform, POEMS, as well as financial planning services such as Wealth Advisory to help them attain their financial goals. As an integrated financial service provider, Phillip Securities partners more than 35 insurers and provides discretionary portfolio managed services to high net-worth individuals, corporate and family offices. With a larger customer scale, Phillip Securities is embarking to fast-track its digital strategy and launch innovative technology solutions on POEMS to tailor make investment solution and customise products for its customers.
The acquisition will improve Phillip Securities’ competitive position and distribution scale in Singapore and Asia, and accelerate its ambition to be Singapore’s leading retail financial service provider. Effectively, its team of financial adviser representatives, trading representatives and dealers will be further fortified with RHBSS remisiers and house dealers who have a wealth of experience and expertise in advising investor stock portfolios over the years.
To facilitate the Proposed Transaction, both Phillip Securities and RHBIB entered into a Conditional Share Purchase Agreement on 29 June 2020. The Proposed Transaction is subject to the approvals of the relevant regulatory authorities, and is expected to be completed in the third quarter of 2020.
Luke Lim, Managing Director of Phillip Securities said, “We have long respected RHBSS. As fellow advocates for investors, both companies have a combined wealth of experience that span more than 70 years (RHBSS since 1987, Phillip Securities since 1975). Our stockbroking service has been our pillar since 1975. This year, we celebrate our 45 years as our customers’ Partner in Finance. We believe that our acquisition of RHBSS’s stock broking businesses, specifically new clients and a team of experienced dealers and trading representatives, will strengthen PhillipCapital’s position as an integrated financial house. We look forward to working closely with RHBSS to ensure a seamless integration.”
Phillip Securities has assembled a team of experts from both companies to ensure a smooth integration of RHBSS customers affected by the Proposed Transaction. Further information and instructions will be communicated to clients/customers in due course.
A member of PhillipCapital, Phillip Securities Pte Ltd offers a comprehensive suite of financial products and services includes broking in securities, futures, foreign exchange, bonds, precious metals and commodities, unit trusts, contracts for difference, exchange traded funds; fund management, managed accounts, insurance planning, regular savings plan, investment research, equity financing and property consultancy. Institutions can also benefit from our corporate finance and advisory services as well as information technology solutions.
Since our inception as a stockbroker in 1975, PhillipCapital has grown into an integrated Asian financial house with a global presence that offers a full range of quality and innovative services to retail and high net worth individuals, family offices, as well as corporate and institutional customers.
Today, PhillipCapital headquartered in Singapore, operates in the financial hubs of 15 countries, including offices in Australia, Cambodia, China (and Hong Kong SAR), France, India, Indonesia, Japan, Malaysia, Singapore, Thailand, Turkey, UK, UAE, USA and Vietnam, serving over 1 Million clients with Assets Under Management of total more than USD 35 Billion.
Issued on behalf of Phillip Securities by Marketing Communications Department.
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