KUALA LUMPUR (May 23): Affin Bank Bhd sees the Sarawak state’s acquisition of a 4.95% stake in the group as a “positive endorsement” of the bank, its president and group chief executive officer Datuk Wan Razly Abdullah Wan Ali told reporters on Tuesday (May 23).

He added that Affin Bank had emerged on investors’ radar and was added to the list of a few global market indices including the FTSE SmallCap Index and the MSCI Global Small Cap Index.

“I think more investors are taking [an] interest in Affin. Not only investors, global indices have put Affin on their stock market index. This is interesting to have in mind,” Wan Razly told reporters here after attending the 5th Malaysian Banking and Finance Summit on Tuesday.

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When asked how the state government and Affin Bank might work together following the acquisition, Wan Razly said it is waiting for the cue from the Sarawak state government.

“We are not sure about the solid game plan. But are we taking this as a positive endorsement of Affin’s transformation plan as now we have [an] investor like Sarawak state buying Affin shares,” he added.

Meanwhile, Sarawak Premier Tan Sri Abang Johari Tun Openg, who was also at the same event, told reporters that he would share the state government’s plans to work with Affin Bank at a later time.

On April 13, Affin Bank’s major shareholder Lembaga Tabung Angkatan Tentera (LTAT) divested 4.95% or 112.56 million of its shares in the bank for RM221.74 million or RM1.97 apiece to the State Financial Secretary of Sarawak.

Following the sale, LTAT still remains as Affin Bank’s largest shareholder with a 28.26% stake or 642.57 million shares.

Wan Razly joined Affin Bank in 2020 and led a three-year plan to transform the country’s second-smallest of eight local banking groups into a stronger entity.

The bank is now on a new plan that runs from 2023 to 2025 known as A25.

Shares in Affin Bank closed unchanged at RM2, valuing the group at RM4.55 billion.

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