Daiwa deal to buy stake in Affin's investment banking arm fails
Daiwa Securities' deal to buy around a 20% stake in the investment banking arm of Malaysia's Affin Holdings at a cost of $82.8m has been aborted, though both firms say they will continue to work together. No reason has been given for the failure of the deal which has been in negotiation since April 2015, though it is understood that neither party could finalise the deal's "transaction documents" by 31 December under the terms set out by Bank Negara Malaysia (BNM), which led to BNM's approval lapsing.

KUALA LUMPUR (NewsRise) - Japan's Daiwa Securities Group has aborted a plan to buy a minority stake in the investment banking arm of Malaysia's Affin Holdings, although both the companies said they would continue to work together.

Daiwa has decided to not proceed with the proposed purchase in Affin Hwang Investment Bank "after due consideration," according to a Daiwa Securities' statement. The company didn't say why it aborted the deal after negotiating with Affin Holdings since April 2015.