Jardine Fleming Exchange
Capital Group, Inc.
(1991 – 2002)
Formed in 1991, Jardine Fleming Exchange Capital Group, Inc. (“JFEC”) was a joint venture between Exchange Equity Corporation (“EEC”) and Jardine Fleming. Jardine Fleming was a Hong Kong-based investment bank with operations in multiple countries and was founded in 1970 as a joint venture between Jardine Matheson and Robert Fleming & Co.
Led by EEPG bankers, JFEC was the pre-eminent investment banking group in the Philippines. In recognition for its unrivaled transaction experience, JFEC was a recipient of several awards including: Finance Asia “Country Awards for Achievement” – Best Securities House/Investment Bank in the Philippines (June 1997 and June 1998); Finance Asia “Awards for Achievement” – Best Offering for a Bank Issuer – IPO of Equitable Bank (January 1998), Deal of the Month –Placement of Ayala Land shares (April 1998); Euromoney “Awards for Excellence” – Best Domestic Securities Firm in the Philippines (July 1993, July 1994, July 1995, July 1996 and July 1998; Asiamoney Stockbrokers Poll 1995 Deal of the Year – USD 180 Mn Benpres GDR Offer; Euroweek January 1996 Deal of the Year – Ayala Corp. placement.
CLSA Exchange Capital, Inc.
(2002 – 2019)
After the acquisition of Jardine Fleming by JP Morgan Chase in 2000, EEC acquired the stake held by JP Morgan Chase in JFEC in 2001, and entered into a joint venture partnership with CLSA Emerging Markets (“CLSA”), a Hong Kong-based international investment bank to establish CLSA Exchange Capital, Inc. (“CLSA ECI”) in 2002. From 2002 to October 2019, CLSA ECI was the leading investment banking firm in the Philippines, acting as bookrunner for 47 ECM transactions worth US$ 5.6 billion and advising on US$ 8.7 billion worth of merger and acquisition and financial advisory transactions—making it consistently one of the most profitable businesses within CLSA.
Exchange Equity Partners Group Corporation
(2019 - Present)
In October 2019, EEC sold its stake in CLSA ECI to CLSA Limited and formed Exchange Equity Partners Group, a new investment bank. EEPG is comprised of all the senior bankers of CLSA ECI. EEPG is a unique investment bank—a new, forward focused firm with the most extensive international and domestic transaction expertise.
Over the last 30 years, EEPG bankers have created, and successfully executed numerous innovative and ground-breaking deals for our Philippine clients, among our pioneering transactions are:
The first convertible US dollar note by a Philippine issuer (ICTSI, 1992)
The first ever SPUR/GDR transaction which was listed in the Philippines Stock Exchange but also tradeable abroad (Benpres Corporation, 1994)
The first US dollar zero-coupon exchangeable note from Asia (Ayala Corporation, 1995)
The first US dollar collateralized exchangeable note from the Philippines (Metrobank, 1996)
The first US dollar convertible note with a simultaneous exchange offer by a Philippine corporation (ICTSI, 1997)
The first Philippine deposit receipt, which was also listed on the PSE (ABS-CBN Corporation, 1999)
These transaction structures and instruments served as the blueprints for subsequent transactions which followed in later years.
Furthermore, EEPG bankers have managed and executed multiple landmark transactions in the country including:
The first Philippine Government privatization since 1994 (PNOC-EDC, 2006)
The largest secondary offering in the Philippines (EDC, 2007)
The first old-for-new share offer in the Philippines since 2000 (MPIC, 2009)
The first IPO for an integrated gaming resort company in the Philippines (Bloomberry, 2012)
The first dual listing on the Philippine Stock Exchange and Singapore Stock Exchange (DMPL, 2013)
The largest equity investment in a Philippine financial institution by a foreign investor (Security Bank – Bank of Tokyo-Mitsubishi, 2016)
EEPG is committed to continuing this long-standing tradition of providing innovative and expert corporate finance and M&A advisory services to our valued clients.