Indian investment to help us keep moving towards globalisation
Can you tell us something about the PhillipCapital Group?
We started as a Singapore company in 1975 and we’ve been growing bit by bit through the years throughout Southeast Asia. We have many branches in countries like Indonesia, Thailand and Malaysia and also have a presence in Hong Kong and Tokyo. We have built quite a good network in this part of the world. We have never lost money as a group and never lost money as a Singapore entity. After the acquisition of India and Dubai business recently, PhillipCapital is now present in 16 countries. We consider ourselves as an integrated financial services firm with Asian origins but global presence.
What was the thinking behind investing in MF Global's India unit?
At PhillipCapital, we tend to look at tough times as an opportunity to buy and grow our business inorganically. Last year, the opportunity arose when MF Global went into trouble and we were keen on investing in MF Global's India unit. There is always a streak of optimism in us. We tend to invest in times of recession, when valuations are more justified. This gives us more opportunities
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