Maybank completes sale of investment unit

MANILA, Philippines - In line with its restructuring efforts, the Maybank Group has completed the sale of P1.68 billion worth of shares of its investment banking subsidiary Maybank ATR Kim Eng Capital Partners Inc. (MATRKE Capital) to Maybank Investment Bank Berhad and Kim Eng Group.

In a disclosure to the Philippine Stock Exchange, MATRKE Financial said it has sold 8.65 million common shares or 100 percent of its wholly-owned subsidiary MATRKE Capital to its principal shareholder which owns 89.75 percent of MATRKE Financial, Maybank Kim Eng Holdings Ltd. (MKEHL) at fair market value.

MATRKE Financial also said that it has executed a deed of sale to formalize the transfer of ownership of the MATRKE Capital shares to MKEHL. 

“The acquisition of MATRKE Capital is part of the Maybank Kim Eng Group’s corporate rationalization and restructuring,” MATRKE Financial president Manuel Tordesillas said.

“With the sale, Maybank Kim Eng will directly own MATRKE Capital, whose investment banking and securities businesses form part of its two business pillars,” he added.

MATRKE Capital owns stock brokerage firm Maybank ATR Kim Eng Securities Inc., fund manager ATR Kim Eng Asset Management Inc. and money broking affiliate Tullett Prebon (Philippines) Inc.

In the same disclosure, MATRKE Financial also said its board has approved a special stockholders’ meeting on Sept. 18 to approve the possible sale of the MATRKE Financial’s other assets to MATRKE Capital, MKEHL, or any of the latter’s nominees.

The Maybank Group is Malaysia’s financial services leader with an international network of over 2,200 offices in 18 countries: Malaysia, Singapore, Indonesia, Philippines, Brunei Darussalam, Vietnam, Cambodia, Thailand, Papua New Guinea, Hong Kong SAR, People’s Republic of China, Bahrain, Uzbekistan, Pakistan, India, Saudi Arabia, Great Britain and the US.

The group offers an extensive range of products and services, which includes commercial banking, investment banking, Islamic banking, stock broking, insurance and asset management.

It has over 45,000 employees serving more than 22 million customers worldwide.