Phillip Securities to buy RHB's Singapore stockbroking business

Singapore

IN CONTINUED consolidation within the stockbroking industry, Phillip Securities is buying RHB Investment Bank Berhad's (RHBIB) Singapore stockbroking business in RHB Securities Singapore (RHBSS) for an undisclosed sum.

The consideration will be calculated "based on the net tangible assets of RHB Securities Singapore", RHB Bank said in a filing to the Bursa Malaysia stock exchange.