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Company Background / History

AFFIN Holdings Berhad (AHB) was incorporated in Malaysia on 31 May 1975 as a private limited company under the name of I.M.A Sdn Bhd. It started off as a credit company providing hire-purchase financing for motor vehicles. On 15 September 1978, it changed its name to AFFIN Motor and Credit Finance (Malaysia) Sdn Bhd. Subsequently it changed its name again to AFFIN Credit (Malaysia) Sdn Bhd on 16 January 1979 and thereafter to AFFIN Holdings Sdn Bhd on 2 March 1991. It was converted into a public company under its present name on 6 May 1991. In the last decade, AHB has changed substantially in terms of group organisation structure through a series of mergers and acquisitions which had been undertaken to facilitate AHB's status as the flagship financial services subsidiary of its major shareholder, Lembaga Tabung Angkatan Tentera (LTAT).



  • Listed on Bursa Malaysia on 4 November 1991 with AFFIN Finance Berhad and AFFIN Merchant Bank Berhad (now known as AFFIN Investment Bank Berhad) as subsidiaries and AXA AFFIN Assurance Berhad (now known as AXA AFFIN General Insurance Berhad) as an associate company


  • Undertook a joint corporate exercise with Boustead Holdings Berhad to acquire 100% interest in Perwira AFFIN Bank


  • Acquired Antara Discount Berhad (now known as AFFIN Discount Berhad) and Telenas (Malaysia) Sdn Bhd (now known as AFFIN Moneybrokers Sdn Bhd)


  • Expanded its operations to include stockbroking business through 55% interest in AFFIN-UOB Securities Sdn Bhd (now known as AFFIN Securities Sdn Bhd)


  • Acquired ACF Holdings Bhd and Asia Commercial Finance (M) Bhd from the Lion Group


  • Acquired BSN Commercial Bank Berhad


  • Acquired United Overseas Bank (UOB)'s 45% stake in AFFIN Securities Sdn Bhd


  • Acquired the remaining 37.88% interest in AFFIN-ACF Holdings Berhad (now known as AFFIN-ACF Holdings Sdn Bhd) in January 2005
  • Completed the merger of AFFIN Bank Berhad and AFFIN-ACF Finance Berhad (now known as AFFIN-ACF Capital Sdn Bhd) on 1 June 2005
  • Acquired the remaining 36.84% interest in AFFIN Merchant Bank Berhad (now known as AFFIN Investment Bank Berhad) from MISC Enterprise Holdings Sdn Bhd in December 2005


  • AFFIN Islamic Bank Berhad commenced its business operation on 3 April 2006
  • AXA AFFIN Life Insurance Berhad (51% owned by AFFIN Holdings Berhad) acquired life insurance business of Tahan Insurance Malaysia Berhad in June 2006 and commenced its business operation on 1 July 2006
  • Completed the transfer of discount house business of AFFIN Discount Berhad to AFFIN Investment Bank Berhad in July 2006. On the same date, AFFIN Investment Bank also acquired AFFIN Fund Management Sdn Bhd and AFFIN Trust Management Berhad from AFFIN Holdings Berhad to form an Investment Bank


  • The Stockbroking Business of AFFIN Securities Sdn Bhd is transferred to AFFIN Investment Bank Berhad on 1 January 2007 to form a full fledged Investment Bank
  • AXA AFFIN Life Insurance Berhad was officially launced on 30 January 2007
  • The asset and liabilities of AFFIN Trust Management Berhad was transferred to AFFIN Fund Management Berhad with effect from 1 July 2007
  • AHB entered into an agreement with The Bank of East Asia, Limited on 18 September 2007 for the placement of new ordinary shares of RM1 each representing up to 15% of the issued and paid-up capital in AHB. Subsequently, The Bank of East Asia, Limited became one of the substantial shareholders of AHB


  • AFFIN-ACF Holdings Berhad (a 100% subsidiary of AFFIN Holdings Berhad) had entered a share sale agreement with Commerce International Group Berhad on 10 November 2008 for the disposal of 100% equity interest in AFFIN Insurance Brokers Sdn Bhd


  • Acquired 100% equity interest in HWANG DBS Investment Bank Berhad, which in turn owns the following entities:
    • 70% of Hwang Investment Management Berhad
    • 49% of Asian Islamic Investment Management Sdn Bhd
    • 100% of HDM Futures Sdn Bhd
    • 100% of HDM Nominees (Tempatan) Sdn Bhd
    • 100% of HDM Nominees (Asing) Sdn Bhd
    For a total purchase consideration of RM 1,363 million (subject to a net asset adjustment).


AFFIN Group is a major home-grown financial services conglomerates. The Group's primary activities focus on the provision of commercial, islamic and investment banking services, money broking, fund management, underwriting of general and life insurance business. The prominent shareholder of AFFIN Holdings Berhad is Lembaga Tabung Angkatan Tentera, the nation's premier superannuation fund manager for the armed forces.