Maybank sees Kim Eng acquisition boost regional growth

OSK Research has maintained buy call on Maybank as it is 'neutral to slightly positive' on the Maybank-Kim Eng deal.

Malayan Banking Bhd's (Maybank) RM4.3 billion ($1.41 billion) proposed acquisition of Singapore-based stockbroker, Kim Eng Holdings Ltd, will enable it to fast-track growth of the latter's retail broking in key under-penetrated growing markets like Indonesia.

In a note Wednesday, OSK Research said the acquisition would give Maybank an immediate investment banking and broking distribution access to eight countries, with the key market focus being Singapore, Indonesia, Thailand and Philippines, in which Kim Eng was one of the top seven brokerages.

"Judging from the success CIMB has had with the acquisition of GK Goh, there are certainly viable and apparent synergies that Maybank can unlock from bringing Kim Eng into the fold," it said.

View the full story in Bernama.

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