Taiwan-based Jih Sun Securities has agreed to buy local securities house Cresvale Hong Kong for an undisclosed sum. Cresvale is a unit of Princeton Economics International, the United States money-management company charged with defrauding Japanese investors out of US$1 billion. 'We will continue to work in the business of stockbroking throughout the region, and with the new shareholder we will concentrate on expanding our client base,' said Carmela Lau, managing director of Cresvale Hong Kong. Ms Lau said the two companies would in the short term remain separate before Cresvale was integrated into its new parent. John Wang, managing director of Jih Sun (HK), said the acquisition was a significant step forward in the company's globalisation effort due to Cresvale's strong international clientele, particularly institutions investing in Asian equities. The deal, expected to be finalised tomorrow, will add two seats to Jih Sun's existing seat on the Stock Exchange of Hong Kong. Along with its client base, Jih Sun is expected to absorb all of Cresvale's 40 employees, giving it about 100 staff outside Taiwan. ACQUISITIONS
