You are here
Taiwan's KGI Securities buys Singapore's AmFrasers Securities for S$38m
SINGAPORE stockbroking firm AmFrasers Securities has been acquired by Taiwan's KGI Securities for some S$38 million and rebranded as KGI Fraser Securities, a wholly owned subsidiary of KGI Asia Holdings, the KGI group announced on Monday.
KGI Asia Holdings is a wholly owned subsidiary of KGI Securities, itself a wholly owned securities division of Taiwan-listed China Development Financial Holding Corporation.
According to the KGI group, KGI Fraser will be led by Foong Hock Meng as chief executive officer (CEO), and is expected to expand its client network and drive regional growth in Taiwan, Hong Kong, China, Thailand and Singapore.
KGI Fraser will widen the financial services portfolio to the greater KGI group of companies, said the group. This will include brokerage, investment banking, asset and wealth management, futures, equity derivatives, institutional equities, institutional research, fixed income, stockbroking, online and mobile trading, margin financing facility, equity research as well as corporate finance and advisory services.
"KGI Securities value the strength of the AmFraser brand and the network of its clients. We look forward to integrate AmFraser into the KGI family and to leverage the expertise of KGI Securities and KGI Ong Capital. This acquisition will radically expand our footprint in Asia Pacific, and takes us many steps closer to our goal to become the largest local retail securities firm with full licences in all major Asian markets," said KGI Asia CEO Reddy Wong.