KUALA LUMPUR: AFFIN HOLDINGS BHD [] (AHB) has decided not to go ahead with its revised proposal to form the Affin Banking Group which would have involved'' AHB acquiring the entire equity interest in Affin Islamic while Affin Bank and Affin Investment would remain as subsidiaries.
AHB said on Monday, Sept 6 after further review, "as part of the board's continuous effort to ensure that the group remains effective, the board decided not to proceed with the revised proposal".
This decision, AHB said, was made after taking into consideration the business model and corporate structure of the banking subsidiaries going forward in the immediate to medium term.
'As such, the board is of the opinion that the commercial banking business, both conventional and Islamic is to be housed under Afin Bank group of companies,' it said.
AHB said on Monday, Sept 6 after further review, "as part of the board's continuous effort to ensure that the group remains effective, the board decided not to proceed with the revised proposal".
This decision, AHB said, was made after taking into consideration the business model and corporate structure of the banking subsidiaries going forward in the immediate to medium term.
'As such, the board is of the opinion that the commercial banking business, both conventional and Islamic is to be housed under Afin Bank group of companies,' it said.
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