Daiwa keen on minority stake in Affin Hwang Investment Bank

KUALA LUMPUR: Daiwa Securities Group Inc. is keen to acquire a minority stake in Affin Hwang Investment Bank Bhd (formerly known as HwangDBS Investment Bank Bhd).

Affin Holdings Bhd said on Wednesday that Bank Negara Malaysia (BNM) had stated it “has no objection in principle” for it to start negotiations with Daiwa Securities.

The approval was subject to both parties concluding negotiations within six months from BNM’s letter of approval dated April 29.

“The said approval should not be construed as approval for the proposal. Upon concluding negotiations, Daiwa and Affin would be required to obtain the prior approval of BNM pursuant to the Financial Services Act 2013, before entering into any agreement to effect the proposal,” said Affin.