Slaughter and May is advising CIMB Group Holdings Berhad, one of ASEAN’s leading universal banking groups, on a stockbroking joint venture with China Galaxy Securities Co.Ltd., one of the PRC’s leading integrated service providers in the securities industry.
The partnership will see China Galaxy taking a 50 per cent. stake for consideration of SG$167 million (subject to completion adjustments) in the holding company of CIMB’s ex-Malaysia stockbroking business, which comprises institutional and retail brokerage, equities research and associated securities businesses across Indonesia, Singapore, Thailand, Hong Kong, South Korea, India, the United Kingdom and the United States of America. The parties are also discussing a joint venture in respect of CIMB’s Malaysia stockbroking business.
Completion is subject to receipt of regulatory approvals and is targeted to occur by the fourth quarter of 2017.