PETALING JAYA: Affin Banking Group has agreed to transfer its controlling stake in Affin Hwang Asset Management Bhd (Affin Hwang AM) to CVC Capital Partners Asia Fund V.

       In a statement, it said the transaction is expected to be completed in the third quarter of 2022, subject to customary closing conditions, including regulatory approvals.

       Affin Bank president and group chief executive officer Datuk Wan Razly Abdullah said the entry of CVC, a global private equity player, into a home-grown asset management house was testament to the confidence in the growth prospects of the financial services sector and the Malaysian economy as a whole.

       CVC senior MD Alvin Lim said the partnership marked its sixth investment in Malaysia since 2007, bringing its total capital invested to over US$1bil (RM4.18bil). — Bernama