Asian investment group CLSA’s equity capital markets (ECM) division has signed an agreement with Asia Plus Securities to cooperate on deals and advisory transactions in Thailand.
The memorandum of understanding was signed on 6 August and will cover CLSA ECM’s investment banking services in Thailand, which include equity public offerings and M&A advisory.
Richard Taylor, CLSA’s head of investment banking said the deal would help his firm better exploit opportunities in Thailand, while developing its reach in Asia.
“The cooperation agreement with Asia Plus Securities will help us target cross border opportunities where we can combine Asia Plus’s strong domestic presence with CLSA’s international reach,” Taylor said.
Dr Kongkiat Opaswongkarn, CEO of Asia Plus, affirmed this sentiment and said clients of both firms would benefit.
“With our solid network of domestic corporate clients, we see strong prospect in the areas of cross-border M&A and ECM activities. Our collaboration with CLSA will allow us to combine strengths to better service our clients,” Opaswongkarn said.
Asia Plus Securities was founded in 1986 and is one of Thailand’s largest financial services firms with a focus on IPO sponsoring and M&A advisory.
Last month Chinese brokerage CITIC bought a 19.9% stake in Credit Agricole-owned CLSA for US$310.32 million, with an option to buy the remaining 80.1% for US$941.68 million.
The CITIC deal gave the emerging Chinese broker access to CLSA’s tools and international services, but both firms will continue operate independently of each other for the time being.