KUALA LUMPUR: The investment banking arm of Malayan Banking (Maybank), Malaysia's largest bank by assets, is closing its institutional research business in Hong Kong and China as part of restructuring the institutional brokerage business, a bank spokeswoman said.
Maybank Kim Eng (MKE), the lender's investment banking arm, said in a statement that it will focus on core ASEAN capabilities and coverage, while retaining its Hong Kong and China institutional brokerage business on execution and trading services.
As a result, at least 13 positions in the Hong Kong office have been affected.
MKE is committed to continue providing its ASEAN research, corporate access, trading and execution services to global clients, the bank said.
"Institutional Brokerage will remain a key business line for MKE and an essential component of the firm's positioning as ASEAN's capital market intermediary," it said.
Maybank reported a drop in its third-quarter net profit in November, citing lower investment and trading proceeds as well as foreign exchange fluctuations.
In October, the bank promoted two insiders to top positions at MKE, namely Ami Moris as chief executive officer and Fad'l Mohamed as CEO for MKE's Malaysian entity.