AFFIN Bank Completes RM50 Million Acquisition Of Pheim Asset Management
KUALA LUMPUR: Affin Bank Berhad on Wednesday announced the completion of its acquisition of a 100 per cent equity interest in Pheim Asset Management Sdn Bhd (Pheim AM) for a total cash consideration of RM50 million.
The bank in a statement said the acquisition, which received all necessary regulatory approvals, marks a strategic move to strengthen its position as a universal banking group, while expanding its wealth product offerings and diversifying income streams.
President and Group Chief Executive Officer of AFFIN Group, Wan Razly Abdullah, said the acquisition strengthens the bank’s wealth management platform as it continues to expand its presence in fee-based income and investment solutions.
He said the integration of Pheim AM would enhance the bank’s ability to deliver more integrated and scalable offerings, while maintaining client continuity and aligning capabilities across the group.
“Pheim AM brings established investment expertise and a track record spanning more than 32 years. Its integration will support the delivery of bespoke portfolio management solutions and enable the Group to broaden its client reach with more tailored and diversified investment offerings,” he said.
Established in 1993, Pheim AM is principally involved in asset management.
Its subsidiaries, Pheim Islamic Asset Management Sdn Bhd and Pheim Unit Trusts Berhad, provide Islamic asset management services and unit trust management respectively.
As at March 31, 2026, the group managed approximately RM832.8 million in assets under management and advisory, serving institutional, corporate and retail clients.
Following the completion, Pheim AM will operate as a wholly owned subsidiary of AFFIN BANK.
The acquisition is expected to enhance the bank’s ability to provide a broader suite of solutions across banking, investment and wealth management, while strengthening its distribution capabilities through its existing network and business partners.
The move is aligned with AFFIN BANK’s long-term strategic priorities under its AX28 plan, which focuses on customer service, digital leadership and responsible banking, as the group seeks to deliver sustainable value to stakeholders and strengthen its competitiveness in Malaysia’s evolving financial services landscape. -UKASnews
