It was reported that Affin Holdings Bhd might merge with Hong Leong Bank Bhd. As a result, Affin Holdings' stock surged 13%. Affin Holdings said it is not in talks to merge its bank with Hong Leong Bank Bhd. Affin Holdings said in a statement, “The board wishes to clarify that it is not involved in any discussions involving a merger of Affin Bank and Hong Leong Bank.” It said that it is, in fact, not in talks on any potential merger or acquisition relating to its banking operations at the moment. Business Times had cited unnamed sources as saying that a merger between the two banks might be possible as there was speculation that Guoco Group Ltd. might buy a controlling stake in Bank of East Asia Ltd. (BEA). The speculation came about after Guoco raised its stake in BEA last week to 8.01% from 7.99% per cent. Tan Sri Quek Leng Chan, owner of Hong Leong Bank controls both Guoco and Hong Leong, while BEA has a 20.5% stake in Affin Bank. BEA's share price rose sharply after Guoco increased its stake in the firm last week. The bank has, however, since said that it has not been in any talks relating to intended acquisitions.

Bank of East Asia Ltd. has opened its Maritime Square branch and SupremeGold Center in Tsing Yi, Hong Kong. The Bank of East Asia's (BEA's) Maritime Square branch is the relocation of the bank's former Tsing Yi Garden branch. BEA said that the SupremeGold Center offers a range of wealth management services including investment funds, securities trading, currency trading, insurance, consumer loans and mortgage loans.

Bank of East Asia Ltd (BEA) is looking at buying a minority stake in Golden Eagle Asset Management Co Ltd to tap rising Chinese demand for wealth management services, two people aware of the situation reported. BEA's asset management unit will buy about one tenth of Golden Eagle from an existing shareholder, and may increase its stake in the small Chinese fund house at a later stage, one source told Reuters. BEA's venture talks with a small-sized mainland asset-management firm had reached a mature stage, Deputy Chief Executive Brian Li told reporters last month, declining to identify the company. BEA's Hong Kong-based spokeswoman Salina Tong refused to comment. She only said that such a venture agreement would need regulatory approval. Golden Eagle's spokesperson was not available for comment. BEA Union Investment Management Ltd plans to buy around 10% stake in Golden Eagle from a unit of New Hope Group, which currently holds one fifth of the fund house, the source said.