Hwang-DBS (Malaysia) Bhd is in the final stages of hiring a foreign investment bank to be its adviser in the disposal of its entire business, sources say.
An executive familiar with the deal says the standalone investment bank - the country's third largest stockbroker - wants to exit the highly competitive investment banking and stockbroking sector.
"The major shareholders are selling the whole company. Even DBS is disposing of its stake," he says. Hwang-DBS declined to comment.
According to the executive, at least three parties - Affin Holdings Bhd, AMMB Holdings Bhd, and K&N Kenanga Holdings Bhd - have expressed interest in acquiring Hwang-DBS.
HwangIB is one of only two standalone investment banks in Malaysia following a slew of mergers and acquisition exercises in recent years. The competitive landscape is one of the factor behind the consolidation of the industry. -The Edge
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