KUALA LUMPUR: Bank Negara Malaysia (BNM) has given the green light to Daiwa Securities Group Inc for its proposed acquisition of a minority stake in Affin Hwang Investment Bank Bhd (AHIB), the investment banking unit of Affin Holdings Bhd. “Affin and Daiwa Securities will review and deliberate on the terms and conditions of BNM’s approval towards the finalisation of the proposal. We will make further announcements on any subsequent development in due course,” it said in a bourse filing yesterday. Talks began between Affin and Daiwa in May last year after Affin announced that BNM expressed it had no objection in principle to the negotiations. On Feb 29 this year, Daiwa agreed to acquire the stake in AHIB after concluding the talks and submitted an application to BNM for approval.

Source: The Edge Markets October 26, 2016 01:52 UTC