Merrill Lynch won’t close RP operations

In response to what they described as inaccurate reports in the local Philippine media, Merrill Lynch chairman for Asia Pacific Raymundo Yu said yesterday that Merrill Lynch has a strong franchise in the Philippine market and that the firm has no plans to close its Philippine operations.

Merrill Lynch is one of the Philippines' leading broking, investment banking and wealth management companies.

Merrill Lynch’s Philippine research team was recently ranked No. 1 in Institutional Investor’s All Asia ex-Japan Research Team Survey for the second straight year.

In the first five months of 2001, Merrill Lynch was ranked No. 1 in terms of turnover at the Philippine Stock Exchange with a market share of 7.9 percent.

Merrill Lynch has consistently been a top broker since it commenced operations in the Philippines in 1997.