Daiwa Securities Group Inc. announced Dec. 13 it has entered into a business alliance with Malaysia’s Affin Investment Bank Bhd., a subsidiary of Affin Holdings Bhd.
The agreement provides for the distribution of Malaysian research reports produced by Affin Investment Bank to Daiwa Securities Group's global client base. It will also allow Affin Investment Bank to distribute Daiwa Securities Group's global research to Malaysian institutional investors, on a co-branded basis.
The agreement also envisages equity trading collaboration between both parties. Under the arrangement, Daiwa will channel all its clients’ trades on shares quoted in Malaysia through Affin Investment Bank, and Affin Investment Bank will channel all its Malaysian clients’ trades on shares quoted in foreign exchanges through Daiwa.
The Dec. 13 signing ceremony in Tokyo was witnessed by visiting Malaysian Prime Minister Seri Mohd Najib Tun Razak. The agreement was signed by four Daiwa and Affin executives, including Daiwa Securities Group President and CEO Takashi Hibino.
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