PhillipCapital has bought over the stockbroking business of Alliance Investment Bank, and the two entities will form a strategic partnership to collaborate and offer their products and services to each other’s customers.
The acquisition was made via Phillip Futures Sdn Bhd, the derivatives broking arm of PhillipCapital in Malaysia. The transaction amount wasn’t disclosed.
This move follows Phillip Futures in Singapore winning its own stockbroking license, in a bid to expand its offerings to its customers and win over new ones. This license is separate from the one held by Phillip Securities, the main stockbroking arm of PhillipCapital.
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