KUALA LUMPUR (April 3): Bank Negara Malaysia (BNM), via a letter dated April 2, has approved Affin Bank Bhd’s (KL:AFFIN) proposed acquisition of 100% of Pheim Asset Management Sdn Bhd for RM50 million in cash. Affin Bank has previously indicated plans to rapidly scale assets under management (AUM) following the acquisition. The RM50 million purchase price implies a price-to-AUM ratio of 5.7%, higher than the 3.08% valuation in Affin’s 2022 sale of Affin Hwang Asset Management to CVC Capital Partners. Affin Bank exited the asset management industry in July 2022 when it sold its 63% stake in Affin Hwang Asset Management for RM1.42 billion. Analysts estimate that every RM1 billion in AUM could generate RM2 million to RM2.5 million in fee income.

Source: The Edge Markets April 03, 2026 13:14 UTC