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The Affin Bank Group is a financial services conglomerate. The Group's activities focus on commercial, Islamic and investment banking services, money broking and underwriting of life and general insurance business.
| Type | Announcement |
| Subject | AFFIN HOLDINGS BERHAD ("AFFIN" or the "Company") PROPOSED FORMATION OF AFFIN BANKING GROUP |
| Contents | We refer to our earlier announcement dated 28 January 2008 wherein AFFIN Investment Bank Berhad (“AFFIN Investment”) on behalf of the Board of Directors of AFFIN (the “Board”) had announced that Bank Negara Malaysia (“BNM”) had approved amongst others the proposal by AFFIN to rationalise its banking businesses undertaken by AFFIN Bank Berhad (“AFFIN Bank”), AFFIN Investment and AFFIN Islamic Bank Berhad (“AFFIN Islamic”) (“Banking Subsidiaries”) under AFFIN Capital Holdings Sdn Bhd (“Proposed Formation of AFFIN Banking Group”). Subsequently, the Proposed Formation of AFFIN Banking Group was revised whereby AFFIN will acquire the entire equity interest in AFFIN Islamic whilst AFFIN Bank and AFFIN Investment remain as subsidiaries of AFFIN (“Revised Proposal”). On behalf of the Board, AFFIN Investment wishes to announce that after further review, as part of the Board’s continuous effort to ensure that the Group remains effective, the Board has decided not to proceed with the Revised Proposal after taking into consideration the business model and corporate structure of the Banking Subsidiaries going forward in the immediate to medium term. As such, the Board is of the opinion that the commercial banking business, both conventional and Islamic is to be housed under AFFIN Bank group of companies. Further, the Board is of the view that the same objective can be achieved as envisaged under the Revised Proposal without the need to put AFFIN Islamic directly under AFFIN. The Banking Subsidiaries will continue to be branded as AFFIN Banking Group. This announcement is dated 6 September 2010. |
| Company Name | AFFIN HOLDINGS BERHAD |
| Stock Name | AFFIN |
| Date Announced | 6 Sept 2010 |
| Category | General Announcement |
| Reference No | MI-100906-41125 |
Copyright 2020 Affin Bank Berhad 197501003274 (25046-T).
