Affin expects to wrap up Hwang-DBS deals by Q1
KLANG: Affin Holdings Bhd expects to conclude the acquisition of Hwang-DBS (M) Bhd's investment banking, futures and asset-management businesses in the first quarter of next year.
"The process is ongoing as there are many procedures and approvals needed before we can proceed to the final stage.
"It is difficult to say when it will wrap up exactly, but we're expecting it some time during the first quarter of 2014," said Affin Investment Bank managing director Maimoonah Hussain during the launch of the newly renovated stockbroking branch, here, yesterday.
"We are looking forward to the finalisation of the deal as Hwang is a huge acquisition and will put us on a very different playing field."
The bank currently has six stockbroking branches to cater to its 200,000-strong customer base.
The Klang branch is the bank's oldest and largest branch with a portfolio of 100,000 clients made up mostly of retirees.
The renovation of the Klang branch, which took six months to finish, cost RM3.3 million.
"Hwang has 19 stockbroking branches that will be absorbed into us. After that, it will just be a matter of rebranding," she said.