ANZ Bank Invests In HK’s BOOM

[May 22] Australia’s ANZ Bank
(ANZ) announced to the ASX Monday afternoon it will invest US
$8 million in Hong Kong based online broker BOOM.com.

BOOM bills itself as Asia’s financial hub, facilitating cross
border equities trade. Presently, BOOM allows clients to trade
via Boom Securities in Hong Kong Singapore and U.S. listed shares.

ANZ said in a statment to the ASX, the US $8 million 10% stake
in BOOM.com is part of its e-Commerce strategy for the Asia Pacific
region. Bill Hambrecht from US investment bank W R Hambrecht
& Co, venture capital firm JF Shea Ventures, Hong Kong’s Eu family,
and the BOOM.com’s management and employees are now all shareholders
in BOOM.com.

ANZ’s stake forms half of BOOM.com’s latest capital raising
of US $16 million.

“Online broking is an important component of ANZ’s eAsia strategy.
It is a pivotal application from which the development and online
delivery of other products and services becomes possible,” said
Elmer Funke Kupper ANZ’s head of international operations.

BOOM.com CEO and managing director Mark Duff said one of the
first parts of Boom’s expansion plan following the raising will
be to offer clients the abilty to trade stocks on almost any
exchange accross the region.

Singapore is the first exchange outside of Hong Kong to be
BOOM.comed. After the city, state BOOM hopes to offer equities
trading to the rest of ASEAN (at least those that have stock
exchanges) then Japan. In the next 12 months BOOM hopes to have
all of Asia ready to trade.

News Around the Web