Maybank Securities Singapore and BOB Capital Markets India (BOBCAPS) have entered into an agreement to advance Asean and global interest in Indian equities.
In a joint press release dated Aug 8, the two financial institutions say the tie-up would enable Maybank to enhance its product coverage to global institutional clients, while allowing BOBCAPS to strengthen its India offerings to clients in Asean and the rest of the world.
Maybank Securities is part of Maybank Investment Banking Group (Maybank IBG), the investment banking arm of Maybank, Asean’s fourth largest bank by assets, and BOBCAPS is a wholly owned subsidiary of Bank of Baroda — a government of India majority-owned commercial bank — offering a spectrum of financial services across equity products as well as debt advisory services in restructuring & syndication.
They add that this relationship “further augments” Maybank’s capabilities in serving clients in Asean and key global markets while “empowering” Maybank with bespoke, on-ground and in-depth research insights from BOBCAPS. The association is planned to extend across research, corporate access and roadshows to elevate interest in India equity products.
Sanjiv Saraff, joint managing director of BOBCAPS says, “We are extremely pleased and excited about this alliance. This is a great opportunity for us to leverage the existing global clientele of Maybank to significantly improve our distribution reach and to provide them with insightful India equity research.”
According to McLagan Data and Analytics, India forms 10% or around US$4.5 billion ($6.22 billion) of the overall foreign client commissions paid in Asia excluding Japan for cash equities, while Asean is a large contributor of foreign portfolio flows into India including the secondary equity market, new listings, bonds, as well as private equity and venture capital investments.
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CEO of Maybank IBG Ami Moris says, “As our client franchise grows, we continue our focus on delivering value, and strengthening our platform and thought leadership. India is now the world’s fifth largest stock exchange with a total market capitalisation of over $3 trillion. Since the start of the pandemic, the Nifty 50 benchmark index has risen 41%, and is a consistent outperformer versus other emerging markets. The investment case for India remains sound, and is supported by strong economic growth.”
“Maybank IBG has over recent years successfully constructed a significant strategic partnership portfolio in Asia Pacific, and our alliance with BOBCAPS finally adds India, a most critical target market, to our comprehensive product offering. We expect to unlock more Asean plus global capital flows into India through this combined service,” finishes Moris.
As at 10.51am, Maybank was trading at MYR8.88 ($2.75) on the Kuala Lumpur Stock Exchange (KLSE).
