March 15, 2013 / 1:12 AM / in 5 years

MALAYSIA PRESS-Only AMMB and Affin in race for Hwang-DBS -The Edge

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

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