Hong Leong Financial Group Bhd (HLFG) has obtained Finance Ministry and the Securities Commission (SC) approvals for its proposed acquisition of certain assets and liabilities of Southern Investment Bank Bhd and the entire equity interest in SBB Securities Sdn Bhd.
The development moves it closer to having an investment bank in its stable of companies, thus completing the group’s transformation into a full financial services group.
In a statement, HLFG said the Finance Ministry, via a joint letter from Bank Negara and the SC, granted investment bank status to HLG Credit Sdn Bhd (a wholly-owned subsidiary of HLG Capital Bhd, which in turn is a subsidiary of HLFG) to be renamed Hong Leong Investment Bank Bhd, subject to several regulatory requirements.
“These acquisitions will go towards completing the circle for us, thereby further strengthening our position in the industry,†HLFG president and chief executive officer Raymond Choong said.
Once all conditions were met and investment banking status granted, the group would be able to offer a full spectrum of products and services, among which are equity capital market, corporate finance, and investment solutions to meet the needs of clients, he said.
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