Saturday, June 12, 2010

Affin to complete Bank Ina Perdana acquisition by 3Q

KUALA LUMPUR: Affin banking group plans to complete its acquisition of a majority stake in Indonesia's PT Bank Ina Perdana by the third quarter of this year.

AFFIN HOLDINGS BHD [] group managing director Tan Sri Lodin Wok Kamaruddin said: 'We have got approval from the central bank to talk to Ina Perdana of Indonesia. It's a small bank, but it's a good start to have a footprint in Indonesia."

Speaking to reporters at an event for Affin's parent Boustead Group on Friday, June 11, he said Affin obtained Bank Negara Malaysia's approval to begin acquisition talks in January this year.

'I think we are almost there, we are taking majority stake,' added Lodin.

Following Affin's failed bid in competition with the Hong Leong banking group to takeover rival banking group EON CAPITAL BHD [], Affin was considering expansion through organic growth.

'Going on organic growth is one (option). We are doing quite well now, we have a strong balance sheet our capital is strong, our NPL has been brought down to 2.2% and this year we are targeting 1.9%, we have a good partner in Bank of East Asia and they have agreed to help us expand into the region into China,' he added.

Further takeover exercises either in Indonesia or domestically were, 'off our radar' for the moment, he added.

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