CIMB Group Holdings Berhad (1023.KU) said Tuesday that China Galaxy Securities Co. (6881.HK) has agreed to buy a 50% stake in CIMB Securities International Pte. for 167 million Singapore dollars ($120.9 million).
The Malaysian financial service provider that said the deal is part of a partnership with the Chinese brokerage house for cooperating in the stockbroking business outside Malaysia.
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The two companies will each hold a 50% stake in CIMB Securities International Pte, which provides institutional and retail stockbroking services across Indonesia, Singapore, Thailand, Hong Kong, South Korea, India, the U.K. and the U.S., it said. They aim to obtain the necessary regulatory approvals with a target to complete the deal by the fourth quarter of 2017, it added.
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(END) Dow Jones Newswires
June 06, 2017 06:43 ET (10:43 GMT)