Syrus in expansion mode
Syrus Securities Plc has entered into an agreement to acquire the entire retail broking business of TMB Macquarie Securities (Thailand) Ltd (TMBM) following TMBM's decision to concentrate exclusively on its core institutional and corporate businesses.
The purchase includes the transfer of management, marketing officers, and other staff, totaling approximately 50 people, to Syrus.The company did not reveal the value of the deal.
"This is another key step in Syrus's plan to develop its business to deliver greater value to its customers and shareholders. We expect the handover to be completed by the end of September and that it will increase Syrus's market share by approximately 30 per cent," Chatchaval Jiaravanon, chairman of Syrus, said in a statement released Thursday evening.
"This is one of a number of moves that we have been considering in order to grow our company. Our combined teams are all very excited about the prospects ahead to develop Syrus into a premium securities house.
Pornpring Suksantisuwan, currently managing director of TMBM, would become the president of Syrus.
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