Maybank Investment Bank Berhad (MIB) has obtained an investment banking licence from Hong Kong.
Chief Executive Officer Tengku Zafrul Aziz said the Type 6 licence issued by the Securities and Futures Commission was for advising on corporate finance and would allow the group to offer corporate advisory services such as initial public offerings, equity offerings and mergers and acquisitions.
“The licence will open doors for us to penetrate the investment banking industry in Greater China,” said Tengku Zafrul.
The new investment banking licence complements Maybank’s plan to expand in one of the toughest but most lucrative financial markets in the world. Previously, MIB’s operations in Hong Kong were limited to share-trading activities.
MIB has been expanding its Asian operations since its acquisition of a strategic stake in Kim Eng Holdings Ltd in 2011, Maybank, parent organization of MIB, is the largest bank and financial group in Malaysia. It aims to become a regional financial leader by 2015.
The group has been able to capitalise on rising opportunities as prominent international investment banks begin to scale back their operations because of uncertainties in the global economy.
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