KUALA LUMPUR (Sep 1): RHB Bank Bhd has received Bank Negara Malaysia’s green light to acquire the entire equity interest of RHB Nominees Singapore Pte Ltd, Summit Nominees Pte Ltd and RHB Research Institute Singapore Pte Ltd.

RHB is also acquiring the client coverage team, research and advisory services in relation to capital market services and share margin accounts from RHB Securities Singapore, which will be carried on and continued by the bank’s branch in Singapore, it said in a bourse filing today.

The group said it had entered into an agreement with RHB Securities Singapore in respect of the transfer of assets and businesses for S$20.57 million in cash. They include the entire equity interest of RHB Nominees Singapore, Summit Nominees and RHB Research Institute Singapore, and the capital market services and the relevant assets and liabilities, it added.

The transfer process was completed yesterday, the group said.

It added that RHB Securities Singapore had received the relevant approvals and confirmation from the regulators of Singapore for the proposed disposal.

“Furthermore, RHB Investment Bank and Phillip Securities Pte Ltd had on Aug 28, by way of an exchange of letter, mutually agreed to extend the period to satisfy or waive the conditions precedent set out in the conditional share purchase agreement dated June 29, in respect of the proposed disposal to Oct 30.

“Barring unforeseen circumstances and subject to the relevant approvals being obtained, the proposed disposal is expected to be completed in the third quarter of 2020,” it added.

Shares of RHB settled nine sen or 1.97% higher today at RM4.67, with 3.2 million units done. This valued the group at RM18.73 billion.

Edited by S Kanagaraju