CANBERRA, May 28 (Xinhua) -- AIMS Financial Group, owned by Chinese Australian financier George Wang, has announced on Thursday that it has completed an asset purchase agreement with the administrators of BBY Holdings Pty Limited, which before its voluntary administration claimed to be the largest independent stockbroker in Australia and New Zealand.
BBY and its subsidiary BBY Limited had been placed in administration on May 18 after the broking and advisory group fell short of capital requirements in the options-clearing market and wasn't able to repay a 6 million AU dollar (4.58 million U.S. dollar) loan to St. George Bank.
"The asset acquisition is the first step in the restructure which may require a deed of company arrangement to be accepted by creditors before the BBY corporate entity is returned to solvency, " AIMS said in a statement.
AIMS said it intends to operate the BBY business as a standalone entity under the BBY Asia Pacific Group brand, and will also consider bringing in new investors in the future.
George Wang, Chairman of AIMS Financial Group, said AIMS wants to "keep and grow the BBY brand, its people and its businesses".
"We are now actively working with the team at BBY to get things back and running normally as soon as practical," he said.
AIMS subsidiary AIMS Securities is changing its name to BBY Asia Pacific Group to help enable BBY's 56,000 clients to recommence trading and access shares frozen by the suspension.
"AIMS is prepared to support and grow the BBY business over the long term, and provide new opportunities for BBY advisors and staff. Our broad vision for BBY is twofold firstly, to enable BBY to grow and be an excellent, client-focused broking and corporate finance business in Australia, with a conservative risk profile; and secondly, as part of AIMS, to be the advisor of choice for deal and capital flows between Australia and Asia," George Wang said.
Established in 1991, AIMS Financial Group (AIMS) is a diversified financial services and investment group, active in the areas of mortgage lending, securitization, stockbroking, investment banking, funds management, property investment and high- tech investment.
During and after the global financial crisis, AIMS expanded its business in a time when many other businesses were experiencing difficulties. In October 2008, AIMS acquired the Asia Pacific Stock Exchange (APX). Since 2009, AIMS Group has made acquisitions and investments in assets in excess of 2 billion AU dollars (1.5 billion U.S. dollars).