Affin Bank Berhad, also registered as Affin Bank, is a sole subsidiary of Malaysian Armed forces. It is also a public listed company on the Bursa Malaysia stock exchange under the trading code of MYX: 5188.
On May 31st, 1975 AHB Affin Holdings Berhad was incorporated and introduced as a separate and private entity under the trademark of I.M.A Sdn Bhd. When the bank was inaugurated, it first started its operation by serving people with finance for motor vehicles, making it a credit company. Due to such operations the company had to change their name on September 15th, 1978 to Affin Motor and Credit Finance (Malaysia) Sdn Bhd. However, the company could not pursue its goals with this name for long and changed the name again on January 16th, 1979 to Affin Credit (Malaysia) Sdn Bhd. Even this name was further amended a little on March 2nd, 1991 to Affin Holdings Sdn Bhd. Affin Holdings Berhad then became a public listed company on the Bursa Malaysia stock exchange on 6th May 1991. It has been noticed in the last decade that Affin Holdings Berhad has considerably moved forward to prosperity with respect to its operations, infrastructure, and milestones and it was made possible due to excessive acquisitions with different company all with a purpose to transform Affin Holdings Berhad status into a flagship financial services subsidiary under its major shareholder, Lembaga Tabung Angkatan Tentera (LTAT).
Later in January 2001, the bank initiated its operations after merging between the previous Perwira Affin Bank Berhad and BSN Commercial (M) Berhad in August 2000. Later on, Affin Holdings Berhad also merged with the previous Affin-ACF Finance Berhad on June 2005.
Unlike various other operations, Affin Bank was provided with responsibilities to ensure maximum financial benefits to producing good quality products with excellent services to both retail and corporate customers. Furthermore, the bank integrated its functions to promote separately and in a better manner. Therefore, the key business units were introduced such as Consumer Banking & Treasury and Business Banking. The business banking services were further divided into sub-functions as SMEs, contract financing, corporate banking, institutional clients, and trade finance to various corporations. Particularly, the consumer banking was responsible for providing facilities of debit/credit cards, mortgages, personal/private loans, saving, deposited and current accounts services for everyone.
Affin Bank has also introduced remarkable Islamic banking services and products to cater the Muslim population in Malaysia. The packages were included with fixed deposits, current accounts, loan products, time deposits, saving accounts, SME financing schemes, credit and debit cards, and foreign currency account. However, the loan packages were more successful than any other service because the majority of the population belonged to middle class category. Therefore, the company revised its loan services and expanded to industrial loans, trade and life insurances, home loans, credit guarantee schemes, hire purchase services, unit trust services for investors, maintenance and services, contract financing for supply and demand, and remittance services.
Affin Bank serves under its famous slogan “Banking Without Barrier” which really has grown on its business. The chanting slogan also implies that there is no limit or boundary within the constraint of national finance, especially when the services are working for the prosperity of the nation. It also means that the bank provides services to everyone around the nation regardless of ethnicity, distance, with best customer care and improved relationships. Affin Bank values its customers to make them feel special. In simple words, Affin Bank has deliberately changed the course of conventional banking and modified it with a better version of customer-oriented banking.
Affin Islamic Bank Berhad (a.k.a Affin Islamic) is an Islamic subsidiary of Affin Bank. All the Islamic banking products and services are launched from Affin Islamic. On April 1st, 2006, Affin Islamic received its fully functional responsibilities to offer a series of Islamic Banking products for its affiliations. As of December 31st, 2016, Affin Bank has 107 branches fully operational all over Malaysia.