Thursday 28 Mar 2024
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KUALA LUMPUR: Maybank Kim Eng Holdings Ltd and Taiwan’s Cathay Securities Corp, a securities trading arm of Cathay Financial Holding Co, signed a memorandum of understanding (MoU) yesterday to formalise their collaboration in equity brokerage to tap into each other’s network and provide their clients access to new markets.

The partnership will enable Cathay Securities to tap into Maybank Kim Eng’s network across Asean, namely Malaysia, Singapore, Indonesia, the Philippines, Thailand and Vietnam, they said in a joint statement yesterday.

Maybank Kim Eng will be able to leverage on Cathay Securities’ presence in Taiwan.

“This synergistic partnership will further strengthen Maybank Kim Eng’s equity franchise by widening our reach and allowing us to offer our global clients access to key equity markets in Asia-Pacific,” said Maybank Kim Eng Group chief executive officer John Chong.

“As Asean’s biggest equity franchise, Maybank Kim Eng is in a strong position to catalyse investment flows into Asean at a time when Taiwan investors are looking for Asean growth opportunities. Our clients, especially in Asean, will also benefit from good investment opportunities in the Taiwan market,” Chong added.

Cathay Securities chairman Stanley Chu said the collaboration will give Cathay Securities a link to Asean and, more importantly, to six new markets. “This enables us to serve our clients better by giving them a wider and more diversified range of investment opportunities,” he added.

The initial collaboration will include Maybank Kim Eng’s sales and research team marketing TWSE-listed securities to Maybank Kim Eng’s clients and vice versa, as well as the sharing of research resources on securities and futures.

Cathay Financial Holdings president Chang-Ken Lee said the rise of Asean economies has created tremendous business opportunities and the group has strategically developed its business to establish a cross-broader financial service platform connecting Greater China and Southeast Asia.

“We believe this partnership not only reinforces the institutional brokerage and international securities business for both companies, [but] holds a greater potential which will continue to impact the companies’ outlook positively.”

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This article first appeared in The Edge Financial Daily, on December 4, 2014.

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