Maybank ceases HK equities research operations

Fitch Ratings said Maybank's long-term IDRs and viability rating (VR) reflected its dominant franchise in Malaysia and able management team, which help to underpin its stable funding and liquidity position, sound capital buffers and steady earnings performance through business cycles.

KUALA LUMPUR: Malayan Banking Bhd, Malaysia’s biggest lender, has ceased its Hong Kong equities research operations as the investment bank focuses on its core Asean market.

Maybank Kim Eng said the investment bank had recently remodelled its institutional brokerage business to focus on its core Asean capabilities and coverage.

“As part of the remodelling exercise, Maybank Kim Eng will focus its Hong Kong/China institutional brokerage business on execution and trading services.

“As a result, 13 positions in the Hong Kong office were affected,” it said in a statement.

It said these personnel were recognised for their contributions to the Group and period of employment, and compensated in line with local labour laws.

“In addition, Maybank Kim Eng is providing every available assistance to these employees during this transition period,” it said

It added that it was committed to continue providing its Asean research, corporate access, trading and execution services to global clients.

“Institutional brokerage will remain a key business line for Maybank Kim Eng and an essential component of the firm’s positioning as Asean’s capital market intermediary,” it said.