Abang Jo Hints At July 19 Signing For Bank Takeover

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Abang Johari Openg said that the acquisition represented Sarawak reclaiming its former assets.PETALING JAYA: Sarawak premier Abang Johari Openg has indicated that an official signing will take place on July 19 to acquire a majority stake in a bank, believed to be Affin Bank Bhd.
Without naming the financial institution, Abang Johari said that Sarawak would be positioning itself as a dominant player in the banking industry with the proposed takeover.
“There is no more secrecy. By then, we will officially sign to take over this major block, which includes substantial shares, soon, July 19,” he told a press conference after an event at Kuching’s Hikmah Exchange Event Centre, according to the Borneo Post.
Abang Johari added that the acquisition represented Sarawak reclaiming its former assets.
“We once lost what we had, and now we are taking it back. Previously, we had six banks taken from us, and now we are reclaiming them.
“The bank we are acquiring is bigger than those six banks, and we aim to become a dominant player in Malaysia’s banking business,” he said.
In May, Abang Johari was quoted as saying that the state government was awaiting approval from Bank Negara Malaysia for its bid for an increased stake in Affin Bank.
The Sarawak government currently has a 4.95% stake in Affin Bank, and the state’s investment arm State Financial Secretary Incorporated and the Armed Forces Fund Board were in negotiations for an additional stake.
With the state holding a dominant stake of 32% under BNM rules, there would be changes to the board, he said when asked if the bank’s chairman would be a Sarawakian.
The Sarawak government made its initial investment in Affin Bank in April last year, citing the financial institution’s strong performance. - FMT

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