Credit Suisse to open new equities brokerage in Philippines
Large international equities firms are beginning to trickle back into the Philippines after a decade-long absence, with Credit Suisse announcing it will open a new local securities brokerage. The company obtained a broker-dealer licence from the Philippines Stock Exchange in February this year and hopes to beat the coming competition by expanding further its dominance in the Southeast Asian market.
Credit Suisse already has the largest market share of any foreign equities trader in Singapore, Indonesia, Malaysia and Thailand. A new Philippines branch signifies new confidence in and commitment to the country, with Southeast Asia CEO Osama Abbasi calling it an “important market” with “tremendous growth opportunities.”
As well as having research coverage of 15 Asia-Pacific equity markets and sales trading capabilities in 16, Credit Suisse has maintained a presence in the Philippines over the years since it began as a financial adviser there in 1992. Since 1995 it has advised on over US$14 billion worth of M&A deals involving Philippines based entities.
source & article: Business Inquirer
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