AMMB Holdings Bhd and Affin Holdings Bhd are the two banking groups left in the race for Hwang-DBS (M) Bhd, according to executives familiar with the deal.
“They have submitted their requests to Bank Negara Malaysia to start negotiations for the acquisition of Hwang-DBS. Both K&N Kenanga Holdings Bhd and Alliance Financial Group Bhd are no longer in the running,” said an executive.
“The bids from the four banks ranged from 1.3 billion ringgit ($417.74 million) to 1.6 billion ringgit,” he said, adding that foreign banks did not submit any bids in the end although they had initially expressed their interest.
Hwang-DBS, the country’s third largest stockbroker, with 650 remisiers, had 18.1 billion ringgit worth of assets under its management as at Oct. 31, 2012. -The Edge
NOTE: Reuters has not verified these stories and does not vouch for their accuracy.
$1 = 3.1120 Malaysian ringgit