Malaysia's RHB Investment, Portugal's Espirito Santo Sign Distribution Deal

   By Jason Ng 
 

KUALA LUMPUR--Malaysia's RHB Investment Bank Bhd and Espirito Santo Investment Bank of Portugal agreed Wednesday to distribute equities research and other services in regions where the two investment banks have footprints.

Under the partnership, Espirito Santo, a unit of Banco Espirito Santo SA (BES.LB), will distribute RHB's Southeast Asian equities research and investment banking products in Europe and North America, according to a statement. RHB in turn, will sell Espirito's European and Indian equity research to Southeast Asian investors.

The collaboration also includes advisory services for cross-border mergers and acquisitions as well as debt capital markets.

"We are very confident that we will be able to generate important synergies with RHB given the complementarity of our geographical footprints," said Jose Maria Ricciardi, chief executive of Espirito Santo Investment Bank. The partnership will be "particularly relevant" for its operations in Europe, Africa and the Americas, he said.

For RHB Investment Bank--a unit of Malaysia's fourth-largest bank by assets, RHB Capital Bhd (1066.KU)--the deal will broaden its reach into the European and North American markets, said Mike Chan, CEO of RHB Investment Bank. There is "little" overlap in terms of product split for both banks, making the partnership "very complementary," he added.

Write to Jason Ng at [e-mail]

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