KUALA LUMPUR: CIMB Group Holdings Bhd is not looking to buy Thailand's Phatra Securities, sources said, culling rumours of its purported interest.
One of the sources said the banking group, Malaysia's second largest, had indeed eyed Phatra, one of Thailand's top three brokers, some time ago but then decided to go with the smaller Sicco Securities.
"It was too expensive," the source added.
CIMB in September announced plans to buy 70 per cent of Sicco for about 767.9 million baht in a bid to have a stronger share of the Thai securities market.
The share price of CIMB's banking subsidiary in Thailand, CIMB Thai Bank, has risen sharply on heavy volumes in the last four trading days to Wednesday on rumours of the group's interest in Phatra.
The interest prompted OSK Research to put out a report yesterday, saying such an acquisition, if true, was "synergistic" and would propel CIMB to become Thailand's second largest broker with a market share of 7.7 per cent.
One of the sources said the banking group, Malaysia's second largest, had indeed eyed Phatra, one of Thailand's top three brokers, some time ago but then decided to go with the smaller Sicco Securities.
"It was too expensive," the source added.
CIMB in September announced plans to buy 70 per cent of Sicco for about 767.9 million baht in a bid to have a stronger share of the Thai securities market.
The share price of CIMB's banking subsidiary in Thailand, CIMB Thai Bank, has risen sharply on heavy volumes in the last four trading days to Wednesday on rumours of the group's interest in Phatra.
The interest prompted OSK Research to put out a report yesterday, saying such an acquisition, if true, was "synergistic" and would propel CIMB to become Thailand's second largest broker with a market share of 7.7 per cent.
