Alliance Bank disposes of stockbroking business to Phillip Futures

KUALA LUMPUR: Alliance Bank Malaysia Bhd has proposed to dispose of its stockbroking business, held by wholly-owned unit Alliance Investment Bank Bhd (AIBB), to Phillip Futures Sdn Bhd.

AIBB today inked a conditional agreement to sell the business for a cash amount equal to the business’ net asset value -- RM205.2 million as at Sept 30, 2021 -- plus 60 per cent of the aggregate brokerage fee for brokerage transactions concluded by Phillip Futures in the 12-month period from the specified transfer point, less any brokerage transaction costs and any receivable shortfall.