Powerhouse alliance to shake up banking

KUCHING: The Sarawak Government’s partnership with the Armed Forces Fund Board (LTAT) and Boustead Holdings Berhad through the Share And Purchase Agreement (SPA) marks a significant milestone in AFFIN Bank’s growth strategy.

AFFIN Bank President and Group Chief Executive Officer, Datuk Wan Razly Abdullah, said the SPA aligns with the bank’s vision to become the “Most Creative and Innovative Financial Company” and supports the key pillars of its AFFIN Axelerate 2028 (AX28) plan: “Unrivalled Customer Service,” “Digital Leadership,” and “Responsible Banking with Impact.”

“This strategic alliance, combining the strengths of LTAT and the Sarawak Government, forms a powerful force poised to redefine the banking landscape,” Wan Razly said during the SPA signing ceremony at Sheraton Hotel Kuching today (Sept 27).

“Together, we will embrace bold innovations and creative solutions that will set us apart and ensure AFFIN Group’s emergence and significance in the industry for years to come.”

The bank is also expanding its presence in Sarawak, growing from 6 to 14 branches by the first quarter of 2025.

“These expansions not only bolster AFFIN’s footprint but also strengthen Sarawak’s financial ecosystem,” he added.

AFFIN Bank is further expanding its reach nationwide to capture key growth markets, including Penang, Johor, and Selangor.

This will see an addition of 10 new branches, bringing the total to 146 by the first half of 2025.