June 10, 2013 / 1:11 AM / in 4 years

MALAYSIA PRESS-Affin, AMMB to submit binding bids for Hwang-DBS this week-The Edge

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Final binding bids by Affin Holdings Bhd and AMMB Holdings Bhd for financial services businesses of Hwang-DBS Malaysia Bhd are expected to be submitted this week, said executives familiar with the matter.

"The due diligence exercises have been completed and the deadline for the submission of the binding bids is this week. The assets to be sold are likely to be Hwang-DBS' asset management and investment banking businesses," said an executive.

Both Affin and AMMB were given the green light by the central bank on April 12 to start negotiations with Hwang-DBS. This confirmed an earlier report by The Edge Financial Daily that the two banking groups were the only two left in the race for Hwang-DBS' assets.

Sources say Affin, the second smallest bank in the country, has submitted the highest preliminary non-binding bid that touched the 1.6 billion ringgit ($517.21 million) range. -The Edge


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NOTE: Reuters has not verified these stories and does not vouch for their accuracy.

$1 = 3.0935 Malaysian ringgit

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