229 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 KENANGA INVESTMENT BANK BERHAD Annual Report 2022 17. INTANGIBLE ASSETS (CONT’D.) Group Bank Note 2022 RM’000 2021 RM’000 2022 RM’000 2021 RM’000 (e) Trading and clearing rights for derivatives broking Carrying amount At beginning/end of the financial year 416 416 - - (f) Client relationships Carrying amount At beginning of the financial year 2,932 2,525 - - Reclassified from goodwill 250 - - - Reclassified from deferred tax 79 939 - - Amortisation (Note 33) (427) (532) - - At end of the financial year 2,834 2,932 - - (g) Impairment test on intangible assets The intangible assets consist of: Goodwill and client relationships Goodwill and client relationships have been allocated to the following CGUs: Group 2022 RM’000 2021 RM’000 Stockbroking 147,459 147,459 Investment banking 55,651 55,651 Investment management 40,751 41,099 243,861 244,209 Merchant banking licence - Merchant banking licence which is allocated to the Bank’s stockbroking and investment banking CGUs represents contribution to BNM for a licence to carry on merchant banking business to transform the Bank from a Universal Broker into an Investment Bank. Fund management contracts - Intangible asset relating to fund management contracts arising from the acquisition of one of the Bank’s subsidiary operations is allocated to the unit trust and asset management (investment management) CGU.
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