Phillip Futures to take over Stockbroking Business of Alliance Investment Bank in Malaysia

PhillipCapital Group had on 2 December 2021 announced that its derivatives broking arm in Malaysia, Phillip Futures Sdn Bhd (“Phillip Futures”) has entered into a business sale & purchase agreement with Alliance Investment Bank Berhad (“Alliance Investment Bank”) for the purchase of Alliance Investment Bank’s stockbroking business.

This corporate exercise has received conditional approval from the Bank Negara and Securities Commission. Mr Lam Choon Jin, Executive Director of Phillip Futures share that “this exercise will allow Phillip Futures to expand its Futures, Options and Contract for Difference (“CFDs”) broking services to include Stocks and Exchange Traded Funds to the Malaysian investors.”

Under the corporate exercise... 👀

Phillip Futures will enter a strategic partnership arrangement with Alliance Bank Malaysia Berhad (“Alliance Bank”), the holding company of Alliance Investment Bank to enable Alliance Bank to enhance its services to its customers by leveraging PhillipCapital’s global trading platforms and market access.

Concurrently, both parties will proactively explore collaboration opportunities in connection with the products and services offered by the other party or its related companies.

“Riding on the growing role of Asia in the global arena, Asian capital markets will present tremendous investment opportunities. PhillipCapital global network’s strong focus on Asia puts us in a good stead to market Asia to the world. With its strategic importance of Asia, Malaysia has many unique investment opportunities to offer," said Mr Andy Lim, Group Managing Director of PhillipCapital Malaysia.

“The collaboration between PhillipCapital and Alliance Bank will synergise the strength of both companies to offer clients an unparalleled investing experience in a broad range of financial products and services. With our combined experience in the brokerage industry, we believe our collaboration will bring about new innovations and greater quality of services to our clients,” Mr Joel Kornreich, Group CEO of Alliance Bank said.

Phillip Futures expects to conclude the corporate exercise in the first half of 2022 subject to the approvals of the relevant regulatory authorities at which point Phillip Futures will rebrand to reflect the additional services offered.

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