Maybank US$1.5 billion acquisition of Kim Eng Holdings

Financial advisers: Maybank Investment Bank, Nomura, TC Capital

Independent financial adviser: J.P. Morgan

Malaysia’s investment banking scene has long been dominated by CIMB. Part of the reason why CIMB has so far enjoyed a near lack of competition in investment banking has been the reluctance of Maybank, the country’s largest bank by asset, to push investment banking.

But this is about to change. In line with its regional aspirations as well as greater ambitions for investment banking, Maybank in July acquired a 100% interest in Singapore-based brokerage firm Kim Eng Holdings.

Addressing the key gap in Maybank’s current business, the transaction accelerates Maybank’s investment banking and equities franchise both in Malaysia and the rest of Asean.

With a strong presence in 10 countries and over 2,000 employees, Kim Eng serves over 200,000 institutional, corporate, high net worth, and retail investor accounts worldwide.

Kim Eng maintains top positions in key markets in the region. The complementary footprint of Kim Eng should bring about synergies for Maybank from a combination of balance sheet, customer base, product offerings and distribution capabilities.

Kim Eng offers stock broking, online trading, share financing, custodian & nominee services, equity derivatives, as well as investment banking and asset management products.