SINGAPORE - Taiwan's KGI Securities Co. Ltd., the brokerage arm of Taiwanese merchant bank China Development Financial Holding Corp (CDFH), announced on Monday (Feb 2) that it completed the acquisition of AmFraser Securities on January 30, 2015.
The $38 million acquisition, through its wholly-owned subsidiary KGI Asia (Holdings), was approved by the Monetary Authority of Singapore and other relevant regulators.
AmFrasers Securities has been renamed KGI Fraser Securities, a wholly-owned subsidiary of KGI Asia Holdings.
The new KGI Fraser will widen the financial services portfolio to the greater KGI group of companies to include brokerage, investment banking, asset and wealth management, futures, equity derivatives, institutional equities, institutional research, fixed income, stock broking, online and mobile trading, margin financing facility, equity research as well as corporate finance and advisory services.
Industry veteran Mr Foong Hock Meng will lead KGI Fraser as its chief executive officer.
KGI Asia CEO Reddy Wong said the 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."
He added: "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."