Affin to complete Bank Ina takeover by Q3

Malaysian bank's shareholder Boustead saw Malaysian lender's move essential to gain foothold in Indonesia.

Boustead Holdings Bhd expects Affin Holdings Bhd to complete the acquisition of Indonesia's PT Bank Ina Perdana by the second or third quarter this year.

Boustead owns 20 per cent interest in Affin Holdings.

"Affin Bank is in the process of acquiring PT Bank Ina and this will give us a footprint into the republic," Boustead deputy chairman and group managing director, Tan Sri Lodin Wok Kamaruddin, said.

On Affin's interest in EON Capital Bhd, Lodin said: "We have not made any offer to anyone on the EON Bank."

It was reported on April 12 that Affin may make a takeover bid for EON Capital.

Speaking to reporters after the group's annual general meeting and extraordinary general meeting last Monday, Lodin said the group is in the process of disposing plantation land measuring 17,000 hectares in the Southwest of Sumatra.

View the full story in Bernama.