Chong (right) and Chu exchanging MoU documents in Taiwan
PETALING JAYA: Maybank Kim Eng Group, the investment banking arm of Malayan Banking Bhd, has entered into a collaboration with Taiwan-based Cathay Securities Corp to expand each another’s footprint and provide their clients access to new markets.
Cathay Securities will be able to tap on Maybank Kim Eng’s network across Asean while Maybank Kim Eng will be able to leverage on Cathay Securities’ presence in Taiwan.
Maybank Kim Eng chief executive officer John Chong said the partnership was very positive for the brokerage as it allowed access to a new market.
“We are very strong in Asean but North Asia is also an important investment market for our clients as it offers different investment opportunities. The Taiwan stock exchange is the fifth largest in Asia and is home to many global leaders in technology, semiconductors, chemicals and pharmaceuticals,” Chong said in a statement.
Chong said there would be a lot of opportunities that can be explored in the partnership and that it was not limited to just equities brokerage.
“We will also look into how we can leverage this partnership for our investment banking and advisory business,” he said.
The initial collaboration will include Maybank Kim Eng’s sales and research team marketing the Taiwan Stock Exchange-listed securities to Maybank Kim Eng’s clients and vice versa, and sharing research resources on securities and futures, the statement said.
Cathay Securities chairman Stanley Chu said he was very excited about the collaboration as it would provide the company a link to Asean with its six new markets.
Cathay Securities’ parent company, Cathay Financial Holdings, is the biggest financial group in Taiwan with total assets of about US$200bil (RM688.4bil).