22 March 2005
Macquarie Bank was today given approval to establish a foreign stock broking company in Malaysia, one of only five foreign firms to be approved to operate on an even footing with existing licensed brokerages.
The announcement was made today by the Malaysian Prime Minister, Abdullah Ahmad Badawi. The issuing of the first licenses to foreign firms is part of a plan, outlined in the Prime Minister’s inaugural budget speech last September, aimed at broadening and deepening Malaysia’s financial sector. There were 15 applicants for the licences.
“We are delighted that our bid for one of the five foreign stock broking licences has been successful,” said Nicholas Moore, Head of Investment Banking at Macquarie Bank in Australia. “Broking is an important part of our overall investment banking business together with corporate finance and funds management.
“This latest step is an important milestone in the development of our investment banking business in Malaysia. Macquarie has been conducting business in Malaysia for ten years and this success means we will be substantially increasing our staffing levels in that market for the further development of our Malaysian and other Asian businesses.”
The Malaysian stock market has a market capitalisation of US$187 billion and a daily turnover of approximately US$240 million.
Macquarie has one of the largest equities research and sales teams dedicated to the Asia Pacific region with 96 sales and sales trading staff and 75 equities research analysts covering 501 stocks in Asia. Following its acquisition of ING’s cash equities business in August 2004, Macquarie has a presence in 10 Asian countries.
Macquarie is already a member of stock exchanges in Hong Kong, Korea, Taiwan, Japan, Singapore, Philippines, Indonesia, Thailand and the PRC.
Roy Laidlaw, Managing Director of Macquarie Securities, also welcomed today’s announcement. “The selection of Macquarie Securities consolidates our position in Asia as a leading brokerage. It also reflects our commitment to the region and our ability to provide world-class products and service to the Malaysian and other markets,” he said.
Macquarie employed 784 staff in Asia as at December 31, 2004, a more than three-fold increase from 252 a year ago. In the region, Macquarie offers corporate and structured finance, warrants and structured products, institutional stock broking and research and property advisory and management services.
Globally, the Macquarie Bank Group is a diversified international provider of specialist financial and investment banking services with over 6,000 people in 23 countries.
For further information, please contact:
Macquarie Bank Limited
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Media Relations, Hong Kong
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