Fitch affirms Hong Leong Bank

Fitch Ratings said it affirmed Hong Leong Bank Bhd.'s long-term foreign-currency issuer default rating at BBB+, short-term foreign-currency issuer default rating at F2, long-term deposits at A- and senior debt at BBB+.

The ratings were removed from Rating Watch positive.

The actions follow news that EON Bank's business, including all assets and liabilities, has been vested to Hong Leong Bank, Fitch said, and that EON Bank has surrendered its banking license to the central bank.

These developments follow Hong Leong's acquisition of EON Bank, which was completed in May, the agency said.

The ratings reflect the bank's increased systemic importance as a result of the acquisition, which makes it the fourth-largest Malaysian bank by asset size and also increases its branch network, Fitch said.

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