KUALA LUMPUR (Aug 26): Affin Bank Bhd (KL:AFFIN) plans to more than double the number of branches in Sarawak by year end, offering both conventional and Islamic banking services as well as investment banking, according to news reports.

The company plans to expand its network to 14 locations in Kuching, Bintulu and Miri to boost its presence in Sarawak, Bernama and Borneo Post reported, citing Affin Bank chief executive officer Datuk Wan Razly Abdullah. Affin currently has six branches in the region.

“We are awaiting Bank Negara Malaysia’s (BNM) approval for the inclusion of the stock market investment services, and once approved, this branch will offer financial services, ranging from mortgages and car loans to stock market investments,” Wan Razly was quoted as saying by Borneo Post.

The Sarawak government is seeking to raise its stake in Affin Bank to about 30%, according to Premier Tan Sri Abang Johari Tun Openg. Sarawak is currently in talks with BNM to acquire the stake from the largest shareholder, the Armed Forces Fund Board, The Edge reported.

Sarawak offers significant potential for Affin Bank to expand its green and social financing packages, leveraging the government’s initiatives to promote a green economy and support small and medium enterprises, Bernama reported.

Sarawak’s abundant green energy resources, which combined with the region’s green economy policies, are likely to encourage more entrepreneurs to enter this sector, Wan Razly was reported as saying by the state news agency.

“As a group, we are eager to evolve into this environmental green economy, and I believe Malaysia as a whole still has a lot of potential for green energy development,” he said, according to Bernama. 

https://www.theedgemarkets.com/node/724163