The Sarawak state government, through its wholly-owned subsidiary, SG Assetfin Holdings Sdn Bhd, has finalised the share purchase agreement (SPA) of Affin Bank shares from Lembaga Tabung Angkatan Tentera (LTAT) and Boustead Holdings Bhd. Consequently, Sarawak is now the largest shareholder in Affin Bank, raising its stake to 31.25 per cent from 4.81 per cent previously. In a statement today, Affin Bank Bhd said the strategic move is expected to accelerate its growth and reinforce the bank's status as a leading financial institution in the banking industry. Sarawak Premier Tan Sri Abang Johari Tun Openg said the state government's decision to invest in Affin was driven by the need to create a financial platform and synergy with a sound and competent bank, which would be essential for Sarawak towards elevating its huge economic potential. 'By leveraging Affin's extensive network and expertise, we will work together to unlock new opportunities, facilitate access to capital, and ignite the entrepreneurial spi rit of our people. 'Together, we will build a financial ecosystem that nurtures innovation, promotes and empowers financial literacy, and enables our communities to achieve their aspirations,' he said. Abang Johari also pointed out that a supportive bank plays a crucial role in achieving the objectives of Sarawak's Post COVID-19 Development Strategy 2030. 'Affin can be one of the critical catalysts to support Sarawak in meeting its sustainable economic agenda,' he added. Deputy Minister of Defence, Adly Zahari said the strategic decision is expected to yield substantial positive returns, reflected in competitive and sustainable dividends for LTAT contributors who are members of the Malaysian Armed Forces. Meanwhile, Affin Bank president and group chief executive officer Datuk Wan Razly Abdullah said the bank remains committed to strengthening its position. 'We look forward to working closely with all parties to achieve shared goals and deliver exceptional value to our stakeholders,' he added. Source: BERNAMA News Agency