Maybank to shut Hong Kong, China institutional research

Publish date: Fri, 25 Jan 2019, 03:58 PM
Hong Kong: Malayan Banking Bhd, Malaysia’s biggest lender, is closing its Hong Kong and China institutional equity research business to focus on Southeast Asian operations, according to people with knowledge of the matter.
 
Kim Eng, the investment banking arm of Maybank, has cut seven to eight Hong Kong-based research positions, the people said, asking not to be identified because the information is private. The changes were announced internally Thursday, according to the people.
 
New European regulations requiring securities firms to separate research fees from trading commissions have shaken up the industry globally.
 
Smaller brokerages are struggling to compete as budget-conscious investors pick which firms to buy analysis from under the rules, known as MiFID II.
 
Maybank will continue to offer institutional execution services in Hong Kong and China, spokeswoman Ann Lim said. The changes will enable the firm to “focus on its core Asean capabilities and coverage,” she said.
 
The Kuala Lumpur-based company unveiled its ambition to become a leading bank in Southeast Asia by 2020 three years ago.
 
 
 
 - Bloomberg

 

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zhen wei & JP

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2019-01-29 00:02

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