Evergreen and UBBIB sign multimillion-dollar transformative merger deal

Evergreen and UBBIB sign multimillion-dollar transformative merger deal

Evergreen and UBBIB sign multimillion-dollar transformative merger deal

5 min read

Evergreen Group Holdings and UBB Investment Bank Limited (UBBIB) have initiated a groundbreaking collaboration by ratifying a strategic partnership agreement on 21 June 2024.

This pivotal move marks the first step in an acquisition process where Evergreen Group will acquire a stake in UBBIB, setting the stage for an expanded presence in Malaysia’s financial sector.

Desmond Sim, COO of Evergreen Group Holdings, emphasised the significance of the event, stating: “Today is a landmark moment for Evergreen Group. Our strategic partnership with UBBIB is a major stride towards our vision of becoming a leading investment bank. We are eager to leverage the opportunities this alliance brings, particularly in digital banking and fund management.”

“The Malaysian market is rich with untapped potential, and we are excited to bring our expertise to contribute to the growth of UBBIB and the broader Malaysian economy,” added Sim.

Echoing this sentiment, Encik Razlan Raghazli, CEO of UBBIB, remarked: “This partnership is a milestone in UBBIB’s history. A collaboration between two giants with a similar vision of being a leading investment bank in the ASEAN region. By integrating our strengths with Evergreen’s extensive experience, we aim to enhance cross-border investment banking activities and drive innovation and growth throughout the Southeast Asia region.”

Aida Othman, CEO of UBB Amanah Berhad, expressed her enthusiasm: “Welcoming Evergreen into our fold is a significant advancement. Combining our core principles with Evergreen’s expertise will fortify our vision of establishing ourselves as a premier offshore banking hub.”

The signing ceremony underscored the mutual benefits and growth opportunities of this partnership, focusing on enhancing operational capabilities and expanding market presence for both entities. The collaboration is a testament to the shared vision and cooperative spirit of Evergreen Group and UBBIB.

David Yong, CEO of Evergreen Group Holdings, said: “Evergreen Group’s expertise and experience across Asia will create added synergy and open new horizons for UBBIB.”

Re-disseminated by The Asian Banker

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by : on 2024-06-25 17:20:00

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