According to a Bloomberg report, Affin Holdings Bhd (AHB) has been picked instead of AMMB Holdings Bhd (AMMB), a bigger competitor, to discuss a buyout in Hwang-DBS Malaysia Bhd. The sales of most of Hwang-DBS's investment banking assets was initiated just after the latter's founder, Hwang Sing Lue, died in December of 2012.

Malaysia's smallest banking group based on market value had planned to acquire the investment banking, fund management and futures interest of Hwang-DBS. Two sources who were familiar with Affin and AMMB's bids told Bloomberg News in June that both companies put out MYR1 billion or USD304 million in equivalent each for their bids.

Phillip Capital Management Sdn. chief investment officer Ang Kok Heng said Affin's bid was to strengthen the banking group's capital markets presence. "While Affin won't have a problem financing the transaction, fundraising via a rights issue or bond offering in the future cannot be discounted." he added.