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Affin Holdings Bhd will over do RM1.36 billion in cash to buy most of Hwang-DBS (Malaysia) Bhd's investment banking assets a deal that would create the country's second-largest brokerage by trading value.
Affin is buying 100% of Hwang-DBS Investment Bank Bhd, 70% of Hwang Investment Management Bhd, 49% of Asian Islamic Investment Management Sdn Bhd and 100% of HDM Futures Sdn Bhd.
The purchase is likely to be finished by second quarter of 2014.The planned purchase comes following the death of Hwang-DBS founder Hwang Sing Lue on Dec 16, 2012.
Affin Investment Bank Bhd (Affin IB) managing director Maimoonah Hussain said the acquisition is expected to bring an additional RM80 million in pre-tax profit to the investment bank for...