Malaysia’s CIMB Group Holdings will sell its majority stake in CIMB Howden Insurance Brokers to its partner HBG Malaysia (Howden) for MYR59.6 million (US$14.4 million).

CIMB, which owns an indirect 51% stake in the brokerage through its subsidiary CIG, will divest its holdings as part of its thrust to streamline its operations and focus on its core banking businesses, Edge Markets reported.

In a stock exchange filing, CIMB stated that CIG has initiated a share purchase agreement with Hong Kong-based HBG Asia Holdings Ltd and Howden to sell 510,000 shares or a 51% stake in CIMB Howden. Bank Negara Malaysia, the country’s central bank, had given its approval to the transaction on November 27, 2018.

“The proposed divestment does not have any material effect on CIMB’s consolidated net assets and earnings, and does not have any effect on CIMB’s share capital and substantial shareholders’ shareholdings for the financial year ended December 31, 2018,” the filing said.

CIMB Howden was formerly a wholly owned subsidiary of CIMB, but became a joint venture in 2015 when Howden bought a 49% stake in the brokerage for MYR33.2 million (US$8.03 million).