PETALING JAYA: RHB Bank Bhd has completed the acquisition of RHB Nominees Singapore Pte Ltd, Summit Nominees Pte Ltd and RHB Research Institute Singapore Pte Ltd.
For a cash consideration of S$20.57mil (RM62.7mil), the entire equity interests in the three entities, the capital market services and the relevant assets and liabilities were transferred by RHB Securities Singapore Pte Ltd to RHB Bank.
The transfer was completed on Aug 31 after the approval by Bank Negara came on Aug 28.
RHB Bank also announced that RHB Securities Singapore has received relevant approvals from the regulators in Singapore for RHB Investment Bank’s proposed disposal of its entire equity interest in the former to Phillip Securities Pte Ltd.
The banking group had in June told Bursa that RHB Banking Group would internally transfer its capital markets businesses under RHB Securities Singapore Pte Ltd.
This will encompass client coverage, research and corporate advisory services, equity capital markets and institutional equities sales to RHB Bank, Singapore, which is a branch of RHB Bank Bhd.
The June 29 statement said that under the transaction, Phillip Securities would only be acquiring RHB Securities Singapore Pte Ltd’s stockbroking business.
The statement also said this internal transfer of the capital markets businesses from RHB Securities Singapore Pte Ltd to RHB Bank, Singapore would enable the RHB Banking Group to provide a more holistic customer experience to its corporate and institutional clients in Singapore and the region through its suite of wholesale banking solutions.
“The alignment of the capital markets and the wholesale business of RHB Bank, Singapore under one entity would allow RHB Banking Group to more effectively deliver our solutions to our targeted clients, ” the June 29 statement said.
“The internal transfer of the capital markets businesses from RHB Securities Singapore to RHB Bank, Singapore is a natural move to enable us to provide a one stop solution for our corporate clients, ” it added.
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