BNM approves Daiwa's stake buy in Affin Hwang Investment

KUALA LUMPUR: Bank Negara Malaysia (BNM) has approved Daiwa Securities Group Inc's plan to acquire a minority stake in Affin Hwang Investment Bank Bhd.
In a filing to Bursa Malaysia today, Affin said, the approval, however, was subject to finalisation of the shareholders agreement and related documentations to effect the proposal in accordance with the approval.
"Another condition was Affin Hwang Investment Bank must obtain the necessary approvals from other regulatory authorities, including the Securities Commission with regard to the proposed change in shareholder," it said.
Affin said it and Daiwa Securities will review and deliberate on the terms and conditions of BNM's approval towards the finalisation of the proposal.
"We will make further announcements on any subsequent development soon," it said. – Bernama