KUALA LUMPUR: Singaporean company Evergreen Group Holdings has entered into a strategic partnership agreement with UBB Investment Bank (UBBIB), marking the initial phase of the acquisition process.
Evergreen will acquire a stake in UBBIB, aiming to enhance its presence in Malaysia's financial sector.
This agreement also represents a notable milestone in Evergreen's progression towards establishing itself as an investment bank.
Evergreen Group chief operating officer Desmond Sim said the partnership with UBBIB was a major stride towards its 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," he added.
Furthermore, Sim mentioned that Evergreen has areas where it needs assistance and collaboration with UBBIB.
"UBBIB currently lacks a presence in North Asia, which presents an opportunity for both companies to collaborate and complement each other's efforts," he added.
When questioned about future strategies, Evergreen chief executive officer David Yong indicated that the company required an additional two to three years to strengthen its presence and effectively expand its business operations before venturing into new markets.
UBBIB chief executive officer Razlan Raghazli said the partnership was a milestone in the bank's history.
"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 Asian region," he added.
The signing ceremony highlighted the mutual benefits and growth opportunities of this partnership, aiming to enhance operational capabilities and expand market presence for both organisations.
This collaboration reflects the shared vision and cooperative spirit of Evergreen and UBBIB.
It aligns with Evergreen's medium-term objectives and introduces fresh investment prospects in Southeast Asia and seeks to instil trust among its investors and partners, highlighting its strategic expansion and foresight.