OCBC buys 10% stake in Boom.com for $8.6 million

OCBC Bank acquires a 10% stake in Boom.com

Oversea-Chinese Banking Corp. OCBC has acquired a 10% stake in online securities broker Boom.com for $8.6 million, helping Boom postpone the day it attempts to raise funds from the public until investor appetite for internet stocks improves.

The capital injection brings the total amount Boom has raised since its inception four years ago to $22 million. Other investors include the Australia and New Zealand Banking Group, which has a 10% stake, a group of private investors including Bill Hambrecht of US online broker WR Hambrecht, JF Shea Ventures, Hong Kong's Eu family, and Boom's management and staff.

Boom plans to use the money to expand into Japan, Taiwan and Korea and to develop...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222