Affin Bank, MUFG Malaysia Ink MoU For Strategic Partnership

KUALA LUMPUR, March 19 (Bernama) -- Affin Bank Bhd has signed a memorandum of understanding (MoU) with MUFG Bank (Malaysia) Bhd to foster business cooperation and drive shared growth opportunities.

The MoU focuses on four key sectors: medical advancements, the semiconductor industry, green energy, and tourism.

The partnership is set to be exclusive for three years, ensuring a dedicated and strategic collaboration between Affin Bank and MUFG Malaysia, a subsidiary of Mitsubishi UFJ Financial Group Inc.

Affin Bank president and group chief executive officer Datuk Wan Razly Abdullah said that Affin Bank's collaboration with MUFG Malaysia aims to combine the strengths of Malaysia and Japan.

"This partnership is expected to unlock significant value and enhance banking capabilities between the two banks.

"We are proud to sign this agreement with MUFG Malaysia today, as it will enable us to create value for our customers in Malaysia and potentially across the region," he told reporters after the signing ceremony, today.

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Also present were MUFG Malaysia chief executive officer Motohide Okuda, Affin Bank chairman Datuk Agil Natt, MUFG Asia Pacific managing executive officer Masakazu Osawa and MUFG Malaysia chairman Datuk Noorazman Abd Aziz.

Wan Razly said that the collaboration with MUFG group, a global bank with an extensive network in Indonesia, Thailand, and Singapore, provides Affin Bank with a strong platform for expansion.

"The collaboration will initially focus on Malaysia, with potential expansion into other Asia Pacific markets in the future," he said.

He said that in terms of measurable impact, a joint committee will be established to oversee the partnership's progress. 

"While specific profit targets have yet to be set, the focus will be on facilitating multi-billion-dollar deals in Malaysia, encompassing financing, support, and advisory services, particularly in the focus sectors," he added.

-- BERNAMA