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RHB disposes of Singapore stockbroking business to Phillip Securities

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KUALA LUMPUR: RHB Banking Group has proposed to dispose of its stockbroking businesses in RHB Securities Singapore Pte Ltd (RHBSS) to Phillip Securities Pte Ltd.

In a statement Monday, RHB said its wholly-owned subsidiary RHB Investment Bank Bhd has entered into a conditional share purchase agreement with Phillip Securities for the disposal of RHB Securities.

As such, under the proposed transaction, Phillip Securities will only be acquiring RHBSS’ stockbroking business. It added that 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 its solutions to its targeted clients.

RHB Banking group managing director Datuk Khairussaleh Ramli said the internal transfer of the capital markets businesses from RHBSS to RHB Bank, Singapore is a natural move to enable us to provide a one-stop solution for our corporate clients.

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