News Release

Hwang-DBS Securities receives
Investment Bank approval from Bank Negara

 

SINGAPORE, 3 January 2007 - Hwang-DBS (Malaysia) Berhad (HDM) announced to Bursa Malaysia that its wholly-owned subsidiary, Hwang-DBS Securities Berhad (HDBSS), has received approval from Malaysian regulators to become an Investment Bank. The transformation into an investment bank is expected to be completed by the first quarter of 2007 upon the issuance of a merchant bank license to HDBSS.

Operating since 1973, HDBSS is one of Malaysias largest stock-brokers by volume and offers a wide range of financial services. HDBSS anticipates that the new license will enhance its existing corporate-finance advisory business by expanding its scope of activities with a broader and more sophisticated range of wholesale banking products, including treasury products.

We are delighted to be granted the approval to operate as an Investment Bank from Bank Negara. Our transformation into an Investment Bank allows us to offer existing customers a more comprehensive suite of wholesale banking products, and to offer new customers an alternative to the local bank-owned players. We are committed to, and have made significant investments in enhancing our capacity in terms of capital, people and systems, and are very pleased to be recognised for it, said Alex Hwang, Managing Director of HDBSS.

We are also very appreciative of the hard work by the Central Bank and Securities Commission which has enabled us to receive this good news so promptly.

A long-standing and committed partner of HDM, DBS Bank has been providing HDBSS with consulting services throughout HDBSS transformation to an Investment Bank. DBS is a 26.2% substantial shareholder in HDM. DBS Bank is also represented in Malaysia through its licensed offshore branch in Labuan which provides a wide range of investment banking services, and is an active participant in the Malaysian capital markets and a well-recognised name in foreign currency loan syndication.

Eric Ang, Managing Director and Joint Head of Global Financial Markets, DBS Bank, commented, Corporate Malaysia is expanding into the region at an unprecedented pace and we continue to see Asia-based corporates investing in Malaysia. As an Asia-based bank, DBS has an edge in serving both groups of customers.

He added, DBS has been actively engaged in Hwang DBSs transformation to an Investment Bank from the start. We believe that Hwang DBS has the potential to be one of Malaysias leading Investment Banks, and we look forward to doing more business with them.