Published on 11 May 2015
RAM Ratings opines that the recent sale of
Deutsche Bank AG’s 4.9%-stake in K&N Kenanga Holdings Berhad, via
Deutsche Asia Pacific Holdings Pte Ltd to Tokai Tokyo Financial Holdings
Inc, has no rating impact on Kenanga Investment Bank Berhad’s (Kenanga
IB or the Bank) A3/Stable/P1 financial institution ratings. Deutsche
Bank has been a minority shareholder of Kenanga Holdings since 1991, and
has not actively participated in the Bank’s operations. To optimise its
capital structure under the Basel III regulations, Deutsche Bank is
expected to continue trimming its remaining 8.9%-interest in Kenanga
Holdings.
As a wholly owned subsidiary of Kenanga Holdings, Kenanga IB is the former’s key operating entity and main profit contributor.
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