SINGAPORE, March 27 — The Singapore stockbroker bought by Malayan Banking Bhd (Maybank) is losing four of its 10 Singapore-based analysts, sources said, potentially making it harder for the Malaysian lender to get a strong foothold in the city-state.
The four Maybank Kim Eng analysts resigned in the last two weeks, the sources said. They include Rohan Suppiah, a six-year veteran of the brokerage who covers airlines as well as offshore and marine stocks.
"As a financial institution, we experience departures from time to time especially at this time of the year. We do not believe that the departures are motivated by any considerations unique to Maybank Kim Eng," Pauline Koh, head of marketing at Maybank Kim Eng Securities Pte Ltd, told Reuters in an email.
Maybank, Malaysia's largest lender by assets, bought Kim Eng Holdings for US$1.4 billion (RM4.3 billion) early last year in a move to strengthen its presence in the regional stock broking industry and diversify the lender's source of overseas revenue.
Maybank Kim Eng has offices in Malaysia, Singapore, Hong Kong, Thailand, Indonesia, Philippines, India, Vietnam, London and New York, according to its website.
It offers a range of services such as retail and institutional securities broking, research, corporate finance and equity capital markets. — Reuters