SINGAPORE’s largest stockbroking group, UOB-Kay Hian Holdings Ltd, is acquiring the brokerage business of one of its smaller rivals, J.M. Sassoon & Co Pte Ltd, as the city-state’s broking industry consolidates.
The acquisition comes as Singapore stockbrokers face intense competition due to declining trading volumes and smaller profit margins after commissions were liberalised in October 2000. Following the liberalisation, local stockbrokerages have been scrambling to make acquisitions or forge mergers to survive.
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