SinoPac Securities Co (永豐金證券), the securities unit of SinoPac Financial Holdings Co (永豐金控), yesterday signed a memorandum of understanding (MOU) with Oppenheimer & Co Inc (OPCO), one of the leading investment banks in the US, as it looks to expand its service coverage for local corporate customers in the US market.
This was the first time a Taiwanese securities firm has built up an overall alliance with a US-based investment bank, company president Eric Chuang (莊銘福) said.
BETTER SERVICES
“This partnership will help the company to grow its business in the US, while helping both institutions provide a greater depth of service to customers in Asia,” -Chuang told a media briefing.
The alliance will cover sectors, such as corporate finance, mergers and acquisitions, institutional sales, research and wealth -management, with the two companies sharing each other’s service territory, Chuang added.
Steve Bernstein, chief executive of OPCO’s Hong Kong-based affiliate, said the company expects to attract more Taiwanese clients through this alliance.
WEALTH MANAGEMENT
“Many Taiwanese companies have showed their demand on overseas wealth management. This makes us choose SinoPac as our second overseas partner in Asia,” Bernstein told a media briefing.
Although the signing of the MOU is not legally binding, both SinoPac and OPCO will assign a senior officer to maintain monthly talks, ensuring the alliance is effective, Chuang said.
OPCO signed a similar MOU with leading South Korean financial services firm, Hyundai, in December last year, the firm said in a statement.
OPCO is SinoPac’s fourth overseas partner. Last year, the -brokerage formed an alliance with ICBC International Holdings (工銀國際控股), a Hong Kong subsidiary of the Industrial and Commercial Bank of China (中國工商銀行), Shanghai Securities Co (上海證券) and China’s Guosen Securities
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