Please be informed that on 29 June 2020, RHB Investment Bank Berhad has entered into a conditional share purchase agreement with Phillip Securities Pte. Ltd. (“Phillip Securities”) for the disposal of its stock broking businesses in RHB Securities Singapore Pte. Ltd. (“RHBSS”) to Phillip Securities (“Proposed Transaction”).
As part of the Proposed Transaction, the capital markets businesses under RHBSS encompassing client coverage, research and corporate advisory services, equity capital markets and institutional equities sales will be internally transferred to RHB Bank, Singapore, which is a branch of RHB Bank Berhad.
As such, under the Proposed Transaction, Phillip Securities will be acquiring RHBSS’ stock broking business. The Proposed Transaction is subject to the approvals of the relevant regulatory authorities, and is expected to be completed in the third quarter of 2020.
We are working to ensure seamless transition for RHBSS customers affected by acquisition.