Friday, August 27, 2010

Affin, BEA in MoU to establish strategic partnership

KUALA LUMPUR: AFFIN HOLDINGS BHD [] (AHB) and The Bank of East Asia Ltd (BEA) have signed a memorandum of understanding (MoU) to establish a strategic partnership to jointly develop their business potential in Mainland China, Hong Kong, Malaysia, and other key markets where they both operate.

In a filing to Bursa Malaysia on Friday, Aug 27, Affin said the MoU signed on Thursday signified the beginning of of long-term collaboration between Affin and BEA, and outlined the framework for the mutually beneficial co-development of businesses between itself and BEA.

Affin chairman Gen (R) Tan Sri Mohd Zahidi Zainuddin said the strategic partnership would enhance Affin's ability to support its customers with businesses or intending to have business presence in Mainland China and Hong Kong by leveraging on BEA's strong presence and extensive branch network there.

"We are confident that this strategic alliance will place both AHB and BEA in a better position in many important Asian markets, and enable us to tap an even wider range of business opportunities.

"Furthermore, our alliance is just the starting point from which we intend to explore co-operation in other areas that will bring benefits to both AHB and BEA," he said in a statement.

Mohd Zahidi said the partnership would create a unique growth opportunity for both Affin and BEA and will also provide a strong foundation for advancing its strategy to be one of the Malaysia's premier consumer and business focused banking group.

"With the signing of the MoU, there will be a mutually beneficial and long-term business relationship for AFFIN and BEA to explore the possibilities of further cooperation and participation in other areas of business such as treasury, islamic banking, investment banking, asset management, factoring, transactional banking, corporate and investor advisory service, corporate business referrals, trade risk participation and staff training," he said.

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