Kenanga Investment Bank will be able to enhance its presence in Malaysia after acquiring ECM Libra Investment for RM875.1 million.
K & N Kenanga Group Managing Director Chay Wai Leong said the acquisition, expected to be completed by year-end, would automatically make the group the largest local independent investment bank.
"There are a lot of opportunities for us in the retail segment in the country. So we will focus in this segment before thinking about going overseas," he told a press conference.
On job cuts resultng from acquisitions, Chay said the group would take its time to evaluate the job scope required.
Chay noted that since their group would be expanding, they could potentially provide jobs for employees whom they would otherwise let go on account of the merger.
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