Affin Holdings Bhd has squashed speculations that it is discussions with AMMB Holdings Bhd regarding AMMB's acquisition of the company.
Lodin Wok Kamaruddin, Affin deputy chairman, said that the banking group is 'not in talks with anyone regards to any acquisition or divestment of its business.' The only ongoing negotiation is with Hwang DBS Investment Bank Bhd over the acquisition by Affin of Hwang DBS's investment banking unit.
In a meeting with reporters after the firm's annual general meeting, Kamaruddin reiterated, "I can confirm that we are in no other M&A (merger and acquisition) talks at the moment."
The response was a reaction to a newsreport that AMMB is looking to take over not just Affin but also Bank Muamalat Malaysia Bhd.
For its part, AMMB had issued a statemnt that it was seeking to consolidate its operations after it had acquired MBf Holdings Bhd, the credit card business and Kurnia Insurans Bhd.
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