Chinese state-owned brokerage to ramp up investment banking business in Southeast Asia

A unit of state-owned brokerage China Galaxy Securities (CGS) plans to expand its investment banking team in Southeast Asia to 50 people next year from 30 now, a senior executive said, betting on a rise in dealmaking in the region amid a sluggish market at home. CGS International Securities is also in the process of securing a license to help manage initial public offerings (IPOs) in Malaysia, said Jason Saw, its group head of investment banking. Singapore-headquartered CGS International has over the last 1-1/2 years obtained investment banking business licenses in Indonesia, Malaysia, Singapore and Thailand, Saw told Reuters in an interview.