Kenanga Investment Bank Berhad receives approval from Bank Negara Malaysia to commence negotiations to acquire the stockbroking business-related assets, liabilities and contractual arrangements of Inter-Pacific Securities Sdn Bhd.
Kenanga Investment Bank is one of the country’s leading investment banking, stockbroking and asset management companies, offering a wide range of financial services to a growing client base. Founded in 1973, Kenanga Investment Bank today operates through 32 branches nationwide and boasts the largest remisier network in the country.
Datuk Chay Wai Leong, Group Managing Director, Kenanga Investment Bank says, “Inter-Pacific Securities is a reputable and well-established independent stockbroking company, with a robust track record and strong retail focus. The potential acquisition will further strengthen Kenanga’s leading position in the retail broking space to become the top two largest stock broker in Malaysia, with a combined market share of over 10% and retail market share of about 25%.We are looking forward to a smooth and fruitful negotiation process, and aim to conclude within the next six months.”
Inter-Pacific Securities is an indirect subsidiary of Berjaya Capital Berhad, which in turn, is part of the conglomerate, Berjaya Corporation Berhad. Established in 1972, Inter-Pacific Securities has five branches across Kuala Lumpur, Penang and Johor Bahru and a paid up capital of RM250 million.