Tuesday, January 11, 2011

A RM6 billion filler

Malaysia's 2nd largest bank guns for pole position.

CIMB Group Holdings Bhd is on course for a February swoop of Affin Bank Bhd, the smallest anchor bank in Malaysia.

If it goes through, the deal will be the largest takeover in 12 months in the Asian finance, broking and banking industry. It will also propel the country's second largest lender into pole position for the first time. The deal would dwarf the US$1.4 billion, the country's top lender, Maybank intends to splash out for Singaporean brokerage - Kim Eng Holdings Ltd.

Affin's largest shareholders are Lembaga Tabung Haji (35.66 per cent), Hong Kong's Bank of East Asia Ltd (23.52 per cent) and Boustead Holdings Bhd (20.69 per cent), while CIMB's largest stakeholders are Khazanah Nasional Bhd (28.61 per cent) and EPF (13.71 per cent).

18 comments:

hishamh said...

Boustead is also majority owned by LTAT, so LTAT's effective stake in Affin is actually above 50%. That means for the deal to go through necessarily requires the cooperation of LTAT (effectively, Tan Sri Lodin).

Anonymous said...

Affin's major shareholder is Lembaga Tabung Haji (LTH) or Lembaga Tabung Angkatan Tentera (LTAT)? Get your facts right please!

Anonymous said...

LTAT is short of money? Is that why they need to sell Affin? What is going on?

Anonymous said...

The sale of Affin is under Najib's instruction to help his brother expand CIMB? Well done!

Anonymous said...

Rocky, macamana Tabung Haji boleh beli Affin? Non-syariah stock ma! LTAT dgn LTH pun lu tak boleh differentiate ka?

eddy said...

Dulu Bank Bumiputra, Nazir ambil jadi CIMB...ialah Cina, Melayu, India, Benggali Bank.

This time CIMB should lay their hands off Affin Bank, ini Askar/Tentera punya Bank(Arm Forces FINances Bank lah). They have their own unique Financial products for us Malaysians, they give house loan up to age 70 ma. Let us enjoy the benefit to choose what we want lah.

Expand sahjalah CIMB tu ke luar negara pergilah acquire bank kat India, Indonesia, Myanmar, China ke takkan dok nak minta favour dari Abang Long sahja kat Malaysia ini. Abang Long tu PM untuk semua orang Malaysia ia, jangan lupa.

Nazir, jangan dok ceramah kita oranglah, kata tak nak crutches,walk the talk also lah once in a while.

Anonymous said...

Affin will not be able to compete on its own. It will be only a matter of time before it fails.

This deal therefore will benefit everyone - give LTAT a good return on its investment, give CIMB the right to call itself the biggest bank and give the cronies a nice commission in arranging the deal. Also some money will be left over for political contributions for the GE.

Malaysia Boleh

Anonymous said...

oh.. bagus juga kalau Tabung Haji beli shares Affin dari melebur dalam Ramunia,lityan, hotel di London dan entah apa apa lg lepas ini !!!

Anonymous said...

Datuk,

Affin's majority shareholder is Lembaga Tabung Angkatan Tentera (LTAT). For CIMB to acquire Affin is certainly not a politically strategic move! Knowing very well who is behind CIMB.

Since CIMB CEO did indicate that CIMB's growth is via its own strength then why does it need to acquire another local bank? Why doesn't CIMB starts to acquire other foreign banks? Go international as what the PM wants Malaysian companies to venture beyond the shores of Malaysia!

Let LTAT stand on its own and with the Boustead Group under its wing we have seen how Boustead Group has expanded and diversified and showing good financial results. Kudos to Tan Sri Lodin who has steered both LTAT and Boustead in the right perspective with long terms goals and strategies.

Hopefully a right decision is made namely in letting LTAT operate as it is........so as not to arouse unnecessary anger and hatred for the government. It could be detrimental as the next GE is forthcoming.

Ex Bousteadian

Anonymous said...

another failure of nazir in the making

remember tri merger guthrie

Skilgannon1066 said...

Bank of East Asia would prefer, I think, that Affin be bought by a foreign financial institution.

Singapore's DBSBank, anyone? After all, it's CEO, Piyush Gupta, was a former head of Citibank in Malaysia. And DBSBank wants to get a foothold in Malaysia, like the 2 other Singapore banks, UOB and OCBC.

Furthermore, with Malaysia and Singapore currently bhai-bhai, and with Bank Negara encouraging more foreign financial institutions to set up shop in Malaysia, there could be some official "discouragement" should CIMB contemplate such a course of action.

Bear in mind also that CIMB wants to get QFB (Qualifying Full Bank) status in Singapore, like what Maybank has.

Anonymous said...

hello Dato - check sama itu Bursa website lah. CIMB bilang not interested sama it Affin lah!

tolong jgn kelentong lagi

maae said...

Salam Dato,

...but Affin authorities denied it..

Some comments make sense.CIMB should look for better opportunities on the outside world and start implement their corporate manner wisely.

Let Affin handles the local sectors

Dean said...

CIMB will expand under Najib alright.

On paper it is GLC company under Nazir Razak or Jay (his nickname to his close associate) but in reality non bumi is running this Bank. We can see exodus of Malay executives to other bank and many new joiner Chinese to replace the Malay. Because Chinese given low ratings to Malay to frustrate them, the make the Malay start leaving their job.

Some department comprises of mostly Chinese. This bank the majority iin Senior management / managerial level are Chinese. So in reality Chinese run this company.

Anonymous said...

Pengurus Besar Kewangan Tabung Haji, Tuan Haji Axx Axxxx baru beli Audi R8. Memang hebat, gaji tidak seberapa, bonus tak sampai 2 bulan boleh mampu beli R8. Pihak MACC tolong segera tangkap lanun ini sebelum duit pendeposit-pendeposit lebur.

Skilgannon1066 said...

Dean 7:49 AM

So, what?

I thought that listed companies are to be judged on corporate governance, return on equity and bottom-line profitability? Plus the ability to succeed in markets other than Malaysia?

Why should race and ethnicity even come into the picture?

Unless, of course, you are subscribing to the out-moded concepts of handouts, quotas and crutches?

Anonymous said...

rocky has mislead the market with inaccurate (blatantly wrong) information

he has yet to respond to any one of the comments here

perhaps the SC should call him up now?

TangkapNazirRazak said...

Sekali lagi Nazir Razak mahu mencuri dari orang Melayu yang kebanyakannya ahli LTAT dan Tabung Haji.

Setelah menipu syarikat2 PNB kononnya merger dengan Synergy boleh membawa keuntungan tetapi nyata terbukti kerugian 2 billion.

Yang penting bagi lanun ini adalah komisen 300 juta dari merger syarkat PNB biar orang Melayu kerugian.

MACC perlu siasat merger Sime Darby kerana tidak masuk akal dan ternyata bodoh.

Sekarang Nazir Razak mahu makan bank orang Melayu yang di wakili LTAT.

Jangan biarkan. Buang Najib RAzak jika perlu. Ucapan berapi2 Najib adalah hanya untuk membuka ruang adiknya mencuri dari orang Melayu.