Alliance Bank sells stockbroking arm

“Our SME banking business has consistently outpaced the industry’s growth over the past five years. We aim to be among the top four banks in SME market share in Malaysia,” said Alliance Bank's group chief executive officer Joel Kornreich.

PETALING JAYA: Alliance Bank Malaysia Bhd is selling its stockbroking business that could be worth more than RM205mil to Phillip Futures Sdn Bhd.

In a filing with Bursa Malaysia yesterday, Alliance Bank said the disposal was part of the group’s strategic plan to reprioritise its businesses to accelerate growth consumer, small and medium-sized enterprises (SMEs) and Islamic banking businesses.