Affin Hwang Capital

Affin Hwang Capital was the brand name used by a Malaysian capital-markets group formed through the combination of Affin Investment Bank Berhad and Hwang-DBS (Malaysia) Berhad. The group began operating under the Affin Hwang Capital identity after the merger was completed in September 2014. Its business served corporations, institutional investors, retail securities clients and investment-management customers, making it a financial-services platform rather than a consumer-facing product brand. The group’s principal investment-banking and securities activities were conducted through Affin Hwang Investment Bank Berhad. These activities included capital-markets advisory and execution, corporate finance, equity and debt securities transactions, institutional and retail broking, securities research, and corporate-advisory services. The group also operated an asset-management business through Affin Hwang Asset Management Berhad, giving it an integrated presence across investment banking, securities distribution and professional investment management. The brand originated in Affin Holdings Berhad’s acquisition of the Hwang-DBS investment-banking franchise and related asset-management and futures businesses. Affin announced the proposed acquisition in January 2014 and completed it on 7 April 2014 for RM1,363 million. The subsequent merger of Affin Investment Bank Berhad and Hwang-DBS was completed on 22 September 2014, creating Affin Hwang Investment Bank Berhad and the Affin Hwang Capital operating identity. Affin Hwang Capital developed regional links through alliances with overseas securities firms. A partnership with Japan’s Daiwa Securities Group, originally established by Affin Investment Bank in December 2013, continued into the new group. In 2015, Affin Hwang Capital formed a strategic business alliance with Thailand’s Thanachart Securities for institutional-equities trading and research. In 2016, it entered a joint distribution and marketing arrangement with Indonesia’s Bahana Securities to distribute Indonesian securities to Malaysian clients. The brand’s standalone identity was later reduced as Affin Bank undertook a rebranding exercise in 2020 and adopted its parent-bank identity across the group. The asset-management component was subsequently sold: Affin Hwang Asset Management Berhad was divested to CVC Capital Partners in July 2022. That transaction ended the group’s previous combination of capital-markets and asset-management capabilities under the Affin Hwang structure. Because the Affin Hwang Capital brand ceased to be used as the group’s principal identity, it is treated here as a defunct brand, while some successor legal entities and businesses may have continued under different branding or ownership.

Affin Hwang Capital was created from the consolidation of Affin’s Malaysian investment-banking operations with the Hwang-DBS franchise. In January 2014, Affin Holdings Berhad announced its intention to acquire Hwang-DBS Investment Bank Berhad as well as associated asset-management and futures businesses. The transaction was completed on 7 April 2014, with Affin paying RM1,363 million for the acquired operations. The next stage was the legal and operational merger of Affin Investment Bank Berhad and Hwang-DBS (Malaysia) Berhad. That merger was completed on 22 September 2014 and produced Affin Hwang Investment Bank Berhad, which operated under the Affin Hwang Capital brand. The new group combined the Affin and Hwang-DBS franchises and brought together investment banking, securities and asset-management capabilities. The integration was led by Datuk Maimoonah Hussain, then group managing director of the combined organisation. The group’s investment-banking and securities platform covered capital-markets advisory and execution, corporate finance, securities issuance, institutional and retail broking, research and other corporate-advisory work. Its asset-management arm extended the group’s reach into professionally managed investment products and mandates. The resulting business was positioned as one of Malaysia’s larger brokerage and asset-management groups, although the available reference material does not provide a consistent set of comparative market-share figures or financial results. Affin Hwang Capital also maintained regional relationships. Affin Investment Bank had entered into a partnership with Japan’s Daiwa Securities Group on 13 December 2013, before the Affin Hwang identity was introduced; the arrangements were carried over to the new group. In 2015, Affin Hwang Capital and Thailand-based Thanachart Securities formed a strategic alliance focused on institutional-equities trading and research. In 2016, the group signed a joint distribution and marketing agreement with Indonesia’s Bahana Securities, allowing the firms to cooperate in distributing Indonesian securities to Malaysian clients. The brand’s independent identity changed in 2020 when Affin Bank undertook a rebranding exercise and moved the group toward the parent bank’s brand identity. The capital-markets activities therefore became less visibly associated with the Affin Hwang Capital name. In July 2022, Affin Hwang Investment Bank sold Affin Hwang Asset Management Berhad to CVC Capital Partners. The sale removed the asset-management business from the group and marked the end of the integrated capital-markets and asset-management structure associated with Affin Hwang Capital. The brand is consequently treated as defunct, although this does not by itself establish that every successor legal entity or business line ceased operating.

1. 2022Asset-management divestment

   Affin Hwang Asset Management Berhad was sold to CVC Capital Partners in July 2022.

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2. 2020Parent-bank rebranding

   Affin Bank rebranded the group around its parent-bank identity, ending the use of Affin Hwang Capital as the principal brand.

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3. 2016Bahana Securities distribution agreement

   Affin Hwang Capital and Indonesia’s Bahana Securities agreed to cooperate in distributing Indonesian securities to Malaysian clients.

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4. 2015Thanachart Securities alliance

   Affin Hwang Capital formed a strategic business alliance with Thailand’s Thanachart Securities for institutional-equities trading and research.

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5. 2014Affin announces Hwang-DBS acquisition

   Affin Holdings announced plans to acquire Hwang-DBS Investment Bank and related asset-management and futures businesses.

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6. 2014Acquisition completed

   Affin completed the acquisition on 7 April 2014 for RM1,363 million.

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7. 2014Affin Hwang Investment Bank formed

   The merger of Affin Investment Bank and Hwang-DBS was completed on 22 September 2014, creating the investment-banking group that operated as Affin Hwang Capital.

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8. 2013Daiwa partnership established before brand formation

   Affin Investment Bank entered a partnership with Daiwa Securities Group on 13 December 2013. The partnership arrangements were carried over to the later Affin Hwang Capital group.

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A Malaysian investment-banking and capital-markets platform serving corporate, institutional, retail and investment-management clients.

• Investment bankingInvestment banking2014

  The core investment-banking platform served corporate and institutional clients through capital-markets advisory, corporate finance, securities issuance, mergers and acquisitions advice and other corporate-advisory assignments. It was operated through Affin Hwang Investment Bank Berhad after the 2014 merger.

• Institutional and retail securitiesSecurities services2014

  The securities business provided institutional and retail brokerage capabilities, including trade execution and access to equity markets. Institutional equities were also supported by research and regional alliances with overseas securities firms.

• Securities researchResearch2014

  Research supported institutional clients and the group’s broader equities platform. The business participated in cross-border cooperation, including the 2015 alliance with Thanachart Securities covering institutional-equities trading and research.

• Asset managementAsset management2014

  Affin Hwang Asset Management Berhad provided investment-management services within the wider group. This business remained part of the integrated Affin Hwang structure until it was sold to CVC Capital Partners in July 2022.

• Futures servicesCapital-markets services2014

  Futures activities were included among the businesses acquired from the Hwang-DBS group. The supplied reference material does not provide enough detail to identify the complete product range or later operating structure.

• 2022Divestment of Affin Hwang Asset ManagementM&A

  The group separated its asset-management business from the capital-markets operations after the Affin Hwang brand had already been replaced by the parent-bank identity.

  What changed. Affin Hwang Asset Management Berhad was sold to CVC Capital Partners in July 2022.

  Aftermath. The divestment ended the integrated capital-markets and asset-management configuration associated with Affin Hwang Capital.

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• 2020Move to parent-bank brandingStrategy

  Affin Bank undertook a group-wide rebranding exercise that reduced the use of the Affin Hwang Capital identity.

  What changed. The group adopted the brand identity of Affin Bank Berhad rather than continuing to use Affin Hwang Capital as its principal public-facing name.

  Aftermath. Affin Hwang Capital ceased to function as the group’s main brand, although the underlying businesses were not necessarily all terminated at that point.

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• 2014Acquire and merge the Hwang-DBS franchiseM&A

  Affin sought to expand its investment-banking and capital-markets presence by acquiring Hwang-DBS Investment Bank and related asset-management and futures operations.

  What changed. Affin completed the acquisition on 7 April 2014 and subsequently merged Affin Investment Bank with Hwang-DBS on 22 September 2014, creating Affin Hwang Investment Bank Berhad.

  Aftermath. The combined business operated under the Affin Hwang Capital brand and brought investment banking, securities and asset management into a single group structure.

  Acquisition consideration. RM1,363 million (Completed 7 April 2014)

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• 2022Affin Hwang Asset Management sold to CVC Capital Partners

  Affin Hwang Investment Bank divested its asset-management subsidiary, Affin Hwang Asset Management Berhad, to private-equity firm CVC Capital Partners.

  M&A
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• 2020Affin group adopts parent-bank branding

  Affin Bank undertook a rebranding exercise that ended the use of Affin Hwang Capital as the group’s principal brand identity.

  Other
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• 2016Affin Hwang Capital and Bahana Securities agree on Indonesian-securities distribution

  Affin Hwang Capital and Indonesia’s Bahana Securities entered a joint distribution and marketing arrangement for Indonesian securities offered to Malaysian clients.

  Other
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• 2015Affin Hwang Capital and Thanachart Securities establish strategic alliance

  The two securities firms agreed to collaborate in institutional-equities trading and research.

  M&AOther
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• 2014Affin Holdings announces acquisition of Hwang-DBS investment-banking and related businesses

  Affin Holdings announced plans to acquire Hwang-DBS Investment Bank together with its asset-management and futures businesses, establishing the basis for the later Affin Hwang group.

  M&A
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• 2014Affin completes RM1,363 million Hwang-DBS acquisition

  The acquisition of the Hwang-DBS investment-banking franchise and related businesses was completed on 7 April 2014.

  M&A
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• 2014Affin Hwang Investment Bank begins operating under the Affin Hwang Capital brand

  The merger of Affin Investment Bank and Hwang-DBS was completed on 22 September 2014, creating Affin Hwang Investment Bank Berhad and the Affin Hwang Capital operating brand.

  M&AProduct launch
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1. Affin Hwang Capital