SINGAPORE (June 3): Consolidation in the local brokerage industry might resume again.
PhillipCapital, one of the largest local brokerages around, is in talks to buy the Singapore operations of RHB Securities, which is a subsidiary of Malaysian bank RHB, sources said.
The acquirer, under executive chairman Lim Hua Min, is the largest non-bank backed securities firm here.
RHB Securities Singapore, a wholly-owned subsidiary of RHB Investment Bank Berhad, was known as DMG & Partners Securities.
Prior to this, the biggest move in this industry was when some 100 remisiers from DBS Vickers moved to UOB Kay Hian.
In 2018, China Galaxy CGS bought half the sake of CIMB Securities from CIMB Group to form CGS-CIMB.
