Malaysia-based Affin Holdings is planning to launch a new wealth management division next year following its acquisition of Hwang-DBS Investment Bank (HDIB).
The new wealth management business, known as Affin-Hwang, will be set up around Affin’s investment advisory business.
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Affin’s investment advisory business deals with five business segments including institutional stockbroking, retail equities, asset management, investment banking and treasury.
Affin’s deputy chairman, Tan Sri Lodin Wok Kamaruddin, said that the banking group is planning to expand and unlock the value from the merger by establishing a new wealth management unit.
Kamaruddin said: "We will be fully integrated by September or October this year. The investment bank’s end-to-end value proposition will be strengthened as it will be able to capitalise on the synergy that can be created by the enlarged platform of the merged businesses."
Maimoonah Hussain managing director Affin Investment Bank said: "Wealth management is one of the fastest-growing segments in banking, and it is one of the largest in Singapore. "
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