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HK Leading Broker Expands Asian Market
Hong Kong's leading financial services group KGI announced here Tuesday its proposal to merge with Singapore-based Sassoon Group, as a major step in completing its mission to build a pan-Asian financial powerhouse.
The merged entity will be renamed as KGI Sassoon in Singapore, thus enabling the enlarged KGI Group to have operations in major Asian exchanges including Hong Kong, Singapore, Korea, Indonesia, Taiwan and Japan.
Sassoon is now a leading market participant of the Singapore Exchange and has enjoyed a successful track record since its establishment in 1986.
After the completion of the proposed merger, the KGI Group will then have an aggregated equity of 870 million U.S. dollars and a staff force of 3,500 serving over 390,000 clients throughout the world.
The merger, which is subject to all regulatory and shareholders ' approvals, is expected to become effective by the end of October this year.
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