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Alliance Bank gets go-ahead to transfer stockbroking business to Phillip Capital

01/07/2022 06:39 PM

KUALA LUMPUR, July 1 (Bernama) -- Alliance Bank Malaysia Bhd’s subsidiary Alliance Investment Bank Bhd (AIBB) has received the Vesting Order from the High Court of Malaya to transfer its stockbroking business to Phillip Capital Sdn Bhd with effect from July 30, 2022.

Phillip Capital had recently announced its name change from Phillip Futures Sdn Bhd in line with this transfer to reflect the company’s business expansion to include stocks and exchange traded funds in its suite of product offerings beyond derivatives like futures, options and contracts for difference.

Alliance Bank group chief executive officer Joel Kornreich said customers can be assured of seamless and uninterrupted service from their existing dealers and remisiers during the transfer.

“We remain focused on serving the personal and business banking needs of business owners, and by extension, the people important to them – their family, employees, business partners and customers,” he said in a joint statement today.

The bank had earlier completed the transfer of AIBB’s capital markets business to its Islamic subsidiary Alliance Islamic Bank Bhd, which made it one of the few local Islamic banks with in-house capabilities to serve business clients with comprehensive corporate and capital markets solutions.


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