Phillip Futures to offer stockbroking services

File pic shows hillip Futures Sdn Bhd executive director Lam Choon Jin (left) and Phillip Capital Malaysia Group managing director Andy Lim with the awards won at The Bursa Excellence Awards 2018

KUALA LUMPUR: PhillipCapital Group has announced that its derivatives broking arm in Malaysia, Phillip Futures Sdn Bhd has entered into a business sale and purchase agreement with Alliance Investment Bank Bhd for the purchase of the bank’s stockbroking business.

This corporate exercise has received conditional approval from Bank Negara and the Securities Commission.

Lam Choon Jin, executive director of Phillip Futures shared that “this exercise will allow Phillip Futures to expand its Futures, Options and Contract for Difference (CFDs) broking services to include stocks and exchange traded funds to the Malaysian investors.”

Under the corporate exercise, Phillip Futures will enter a strategic partnership arrangement with Alliance Bank (M) Bhd, the holding company of Alliance Investment Bank to enable Alliance Bank to enhance its services to its customers by leveraging PhillipCapital’s global trading platforms and market access.

Concurrently, both parties will proactively explore collaboration opportunities in connection with the products and services offered by the other party or its related companies.

“Riding on the growing role of Asia in the global arena, Asian capital markets will present tremendous investment opportunities. PhillipCapital global network’s strong focus on Asia puts us in a good stead to market Asia to the world,” said Andy Lim, group managing director of PhillipCapital Malaysia.

“With its strategic importance of Asia, Malaysia has many unique investment opportunities to offer,” Lim added.

“The collaboration between PhillipCapital and Alliance Bank will synergise the strength of both companies to offer clients an unparalleled investing experience in a broad range of financial products and services,” said Joel Kornreich, group chief executive officer of Alliance Bank said.

“With our combined experience in the brokerage industry, we believe our collaboration will bring about new innovations and greater quality of services to our clients,” Kornreich shared.

Phillip Futures expects to conclude the corporate exercise in the first half of 2022 subject to the approvals of the relevant regulatory authorities at which point Phillip Futures will rebrand to reflect the additional services offered.

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