Deutsche, TISCO Securities form Thai equities JV
SINGAPORE Jan 29 (Reuters) - Deutsche Bank and Thailand's TISCO Securities Co Ltd said on Tuesday they had formed a joint venture in Bangkok to offer equity research and advisory services in Thailand.
TISCO Securities, part of TISCO Financial Group, holds 51 percent of the new venture, Deutsche TISCO Investment Advisory, and Deutsche Bank holds the remaining 49 percent, according to a joint statement.
Paiboon Nalinthrangkurn, CEO of TISCO Securities, has been appointed chief executive officer of the joint venture.
The Thai market is one of Asia's fastest-growing equity markets, with a total capitalisation of approximately 12 trillion baht ($400 billion) as of Jan. 10, the statement said.
Thailand emerged as one of Southeast Asia's hottest market for mergers and acquisitions last year as Thai companies spent a record $27 billion shopping for overseas assets. ($1 = 29.9850 Thai baht) (Reporting by Saeed Azhar; Editing by Alan Raybould)