KUALA LUMPUR (Nov 25)
RHB Bank Bhd is divesting its 99.95% stake in RHB Securities (Thailand) to Phillip Brokerage Pte Ltd for THB1,253.77 million (RM161.81 million), exiting Thailand’s stockbroking market. The sale, held via RHB Investment Bank Bhd, is expected to complete by Q4 2024, pending Thailand’s Securities and Exchange Commission approval. RHB cited a challenging competitive landscape and ongoing losses as reasons for the divestment. Proceeds will support RHB Investment Bank’s working capital. RHB Bank remains committed to its retail banking operations in Thailand, which contributed THB651.8 million income in 2023.