Bangkok (27 April 2016) -- Kiatnakin Phatra Financial Group (KKP) announced that the Boards of Directors of KKP and Yuanta Securities Asia Financial Services Limited (Yuanta) – Taiwan’s top securities firm with regional operations in Asia and Southeast Asia – signed an agreement on 27 April 2016 for a 99.99% share purchase of KKTRADE Securities Company Limited (kktrade), KKP’s subsidiary, by Yuanta. Then, the approval of Thailand’s Securities and Exchange Commission and Taiwan’s Financial Supervisory Commission will be requested, in which this process is expected to be completed within three months.
Upon completion of the transaction, KKP’s capital market business for private clients will subsequently be operated under Phatra Securities and Phatra Asset Management. KKP trusts that the transaction will promote efficient resource allocation as well as capability to expand business in areas where the company has gained significant expertise and competitive advantage. Moreover, the redundancy of securities business licenses will be diminished. The transaction will also allow a better focus on businesses that efficiently and effectively serve KKP’s target clients, which are crucial to remain competitive in the current economic conditions and highly-competitive capital market industry.