KUALA LUMPUR: Affin Bank Bhd will be selling its asset management arm, Affin Hwang Asset Management Bhd, to private equity fund CVC Capital Partners for over RM2bil, according to a business news portal.

       The news portal cited sources as saying the sale price is in the range of RM2.3bil to RM2.6bil cash.

       According to one of the sources, the sale of Affin Hwang Asset Management has been completed while another source quoted by the news portal said regulatory approvals have yet to be obtained from Bank Negara.

       Affin Hwang Investment Bank, a unit of Affin Bank Bhd, has a 63% stake in Affin Hwang Asset Management while Nikko Asset Management International Ltd owns a 27% stake and managing director Teng Chee Wai owns a 3.1% interest.

       The remaining 6.9% is held by 13 shareholders with stakes of between 0.3% and 1.15%.