PhillipCapital’s derivatives broking arm in Malaysia has entered into a business sale and purchase agreement with Alliance Investment Bank to purchase its stockbroking business.
The strategic partnership arrangement will allow Phillip Futures to expand its Futures, Options, and Contract for Difference broking services to include Stocks and Exchange Traded Funds to the Malaysian investors, according to an announcement on Monday.
The bank will leverage PhillipCapital’s global trading platforms and market access to enhance services to its customers, and both parties will explore collaboration opportunities, the announcement said. The deal is expected to conclude in the first half of 2022, subject to approvals.
«PhillipCapital global network’s strong focus on Asia puts us in good stead to market Asia to the world. With its strategic importance of Asia, Malaysia has many unique investment opportunities to offer,» Andy Lim, group managing director of PhillipCapital Malaysia, said.