ALLIANCE Merchant Bank Bhd has fully acquired Kuala Lumpur City Securities Sdn Bhd (KLCS) and its related companies effective Jan 1, said acting chief executive officer Foo Kok Siew.
KLCS adds stockbroking, equity research and distribution capabilities to Alliance Merchant's existing range of services, he said in a statement yesterday.
A universal broker, KLCS has a network of 13 offices in the Klang Valley, Sitiawan, Alor Star, Kangar, Kuala Terengganu, Kota Baru, Kuantan, Kluang, Sibu and Kota Kinabalu.
We will be able to immediately tap the enlarged client base, and benefit from the wider geographical coverage offered by KLCS, Foo said. With KLCS on board, Foo said, 2005 would be an exciting year for Alliance Merchant as the company aimed to fully capitalise on becoming a full-service investment banking group.
With the benefit of a prior merger exercise by the Alliance Banking Group, the group was aware of the issues involved, and thus would be able to ensure a smooth and seamless integration of the combined entities, he added.
Over the next few months, we will focus on a smooth and seamless integration of the operations of KLCS into Alliance Merchant to ensure efficient and uninterrupted delivery of our combined services to our clients, said Foo.
He did not see any significant disruption to the operations of the two entities. As part of the Alliance banking group, KLCS is now able to offer its clients full-fledged investment banking services from Alliance Merchant as well as a wide range of banking products and services from Alliance Bank's network of 81 branches nationwide. Bernama