China Development Financial Holding has reached an agreement to buy two financial institutions in Hong Kong, as part of a strategy to bolster its presence in the greater China market.
Under the terms of the transaction, KGI Securities, a wholly-owned subsidiary of China Development Financial, will purchase TG Holborn (HK) and Alpha Global Asset Management for HK$8.77 million ($1.12 million) and HK$7.59 million ($979,000), respectively, reported CAN.
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China Development Financial said that TG Holborn, an independent financial advisory firm, operates in Hong Kong and offers investment instruments linked to insurance policies.
Following completion of the takeover of Alpha Global, which has secured an asset management license from local financial authorities, KGI Securities would take advantage of the firm’s strength to further explore investment businesses in Hong Kong.
China Development Financial believes that the acquisitions of the two Hong Kong financial institutions could create synergies for KGI Securities, which is considering expanding into in the territory.
KGI Securities has also established a foothold in Singapore and the firm aims to leverage its presence in Hong Kong and Singapore to drive its growth in Asia.
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