Affin Bank to assume listing status today

By RAHIMI YUNUS

Affin Holdings Bhd has completed the distribution of all its shares in Affin Bank Bhd to its shareholders as part of the group’s reorganisation exercise, and thus the bank will assume the listing status on Bursa Malaysia today, in place of Affin Holdings.

In an exchange filing on Tuesday, the financial group noted that Affin Holdings is now a dormant company and will be wound up in due course.

Upon completion of the share distribution, Affin Bank now holds Affin Islamic Bank Bhd, Affin Hwang Investment Bank Bhd, Affin Moneybrokers Sdn Bhd and AXA Affin Life Insurance Bhd, while AXA Affin General Insurance Bhd is an associate company.

“As the dynamics of the economy and industry continue to evolve, it is critical that we put in place the right strategies centred on efficiency, productivity and adaptability to thrive and differentiate ourselves.

2018 will be a momentous period for the group as we continue our growth trajectory with the reorganisation of the group, our affinity programme and the launch of our digital offerings,” Affin Bank MD and CEO Kamarul Ariffin Mohd Jamil (picture) noted in a statement on Tuesday.

Last year, Affin Holdings and Affin Bank had on Oct 2 submitted a joint application to Bursa Malaysia to seek approval for the proposed transfer of the listing status.

The corporate exercise aims to help the bank with capital enhancement and enable it to lend bigger loans to corporate and retail clients as it moves the focus to retail banking and grows its assets.