Deutsche Bank to exit Kenanga, Tokai Tokyo enters

K&N Kenanga group managing director Datuk Chay Wai Leong(pic), in welcoming Tokai Tokyo Financial as a shareholder, described the Japanese firm taking up a stake in the non-bank-backed investment firm as

PETALING JAYA: Deutsche Bank AG is divesting its 13.84% stake in Malaysia’s largest independent investment bank, K&N Kenanga Holdings Bhd, with the first block of 4.9% being sold to Tokai Tokyo Financial Holdings Inc.

The disposal done through an off market deal yesterday marks the withdrawal of Deutsche Bank, which made its entry into K&N Kenanga in 1991 when it acquired a strategic stake, believed to be 30%, from John Hancock International Holdings Inc.