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Thai Finance Company, Bank Subsidiary Link Up.
Byline: Darana Chudasri
Oct. 4--JF Thanakom Securities and Bangkok Bank subsidiary Thaksin Finance yesterday announced a new joint venture to offer retail brokerage services and private fund management.
Under the deal, Bualuang Securities will be 65 percent held by Thaksin Finance and 15 percent by JP Morgan, the parent of JF Thanakom.
The remaining 20 percent of Bualuang Securities will be held by management, including Korn Chatikavanij, senior country officer of JP Morgan and founder of JF Thanakom.
Bualuang Securities will raise capital to 250 million baht from 160 million. The new company expects to begin operations in early December.
Mr Korn said the move to divest retail brokerage operations made sense given JP Morgan's global focus on institutional trading.
Some 300 staff working in retail brokering at JF Thanakom, which commands around an 8 percent share of total market turnover, would be offered jobs at Bualuang Securities.
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