Sarawak Acquires 31.25% Stake in Affin Bank

Sarawak has become the largest shareholder in Affin Bank, acquiring a 31.25% stake through its subsidiary SG Assetfin Holdings Sdn Bhd, significantly increasing its ownership from 4.81%. This acquisition was formalized in a ceremony attended by Sarawak's Premier, Datuk Patinggi Tan Sri Abang Johari Tun Openg, who emphasized its significance for Sarawak's banking landscape and economic strategy. The deal, involving shares from the Armed Forces Pension Fund (LTAT) and Boustead Holdings, is expected to enhance Affin Bank's growth and solidify its position in the financial sector. Abang Johari highlighted that this partnership aligns with Sarawak’s Post Covid-19 Development Strategy 2030, aimed at fostering sustainable economic growth. The bank's total assets are currently RM108.2 billion, with goals to reach RM180 billion by 2028, underscoring the strategic importance of this investment.