Oversea-Chinese Banking Corp., Southeast Asia’s second-largest lender by assets, plans to buy a stake in the brokerage business of Malaysia’s KAF-Seagroatt & Campbell Bhd., a person with knowledge of the matter told Bloomberg.
Singapore-based OCBC aims to acquire 49% of the equities brokerage unit at a price equivalent to 1.3 to 1.4 times book value, said the person, who declined to be identified as the information is private. OCBC expects to complete talks with KAF-Seagroatt, which have been going on for more than a year, early in 2012, the person said.
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