The Chinese company State Development & Investment Corporation Ltd creates a bank | Daily Express Online

Chinese company State Development & Investment Corporation Ltd establishes a bank

Published on: Wednesday August 03, 2022

By: Bernama

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Industronics chief executive Datuk Chu Boon Tiong said the group is confident that its network and expertise on the local front will help accelerate the establishment of investment banking in Labuan.

Kuala Lumpur: Industronics Bhd will collaborate with China’s state-owned investment holding company to establish a local investment bank in Labuan. In a statement, Industronics said it would work with regulators on necessary compliance issues and other required approvals. Meanwhile, the SDIC will provide access to an estimated US$1 billion in funding for the establishment and expansion of asset management and capital markets services.

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The group has announced that it has entered into a memorandum of understanding for this collaboration, in line with its plan to acquire a 10% stake in the famous Hong Kong-based brokerage, asset management and credit company, Bluemount. Financial Group Ltd. Industronics Executive Director Datuk Chu Boon Tiong said the group is confident that its network and expertise on the local front will help accelerate the establishment of investment banking in Labuan. “Industronics’ expertise in cloud solutions and digital offerings, the proposed acquisition of Bluemount and the collaboration with SDIC, will put the group in the driver’s seat to push digital brokerage services in the region, capturing the potential for delisting Chinese companies in the U.S. Stock Exchange,” he said.

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Chu also said future collaboration plans involve an acquisition or collaboration with a local brokerage firm in Malaysia.
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