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RHB AND AMMB END MERGER TALKS
Wednesday 23/08/2017
KUALA LUMPUR, Aug 23 (Bernama) -- RHB Bank Berhad ("RHB Bank") and AMMB Holdings Berhad ("AmBank Group") announced today that both parties have mutually agreed to end discussions on the proposed merger of the two banking groups.
After much discussion and deliberation, RHB Bank and AmBank Group were not able to reach an agreement on mutually acceptable terms and conditions for the proposed merger.
Dato Khairussaleh Ramli, Group Managing Director of RHB Banking Group, said, “We would like to record our sincere appreciation to the Board of Directors and Senior Management of AmBank Group for their cooperation throughout the discussions.”
“With this decision, we will now continue to execute our initiatives under our current strategy to create value for our shareholders, and focus on delivering superior customer experience,” added Dato’ Khairussaleh.
Dato’ Sulaiman Mohd Tahir, Group Chief Executive Officer, AmBank Group, said, “We would like to take this opportunity to appreciate all those who were involved in the discussions from both sides for the past three months.”
“Given the heritage and strength of the AmBank Group, we are confident of moving forward despite the fact that the merger did not materialise. Our Group’s strategy and direction remains the same as we aspire to deliver on our Group Top 4 growth aspirations. We remain focused on our FY2018 business plan in line with the Group’s Top 4 strategy as we work towards running the bank better and changing the bank while delivering optimal returns for our shareholders,” added Dato’ Sulaiman.
With the cessation of the merger discussions, the Exclusivity Period pursuant to the Exclusivity Agreement entered into between both parties on 1 June 2017 will automatically lapse immediately.
About AmBank Group
AmBank Group is one of Malaysia’s premier financial solutions groups with over 40 years of legacy in understanding Malaysian customers and provides a wide range of both conventional and Islamic financial solutions and services, including retail banking, wholesale banking, as well as the underwriting of general insurance, life assurance and family takaful.
The Group receives strong support from the Australia and New Zealand Banking Group (“ANZ”) (one of Australia’s leading banks) particularly in Board and senior management representations, risk and financial governance, products offering and new business development. In the general insurance business, the Group has partnered with Insurance Australia Group Ltd (“IAG”). In the life assurance and family takaful businesses, the Group has a partnership with MetLife International Holdings Inc. (“MetLife”). The Group continues to benefit in terms of expertise transfer from IAG and MetLife.
AMMB Holdings Berhad is the holding company of AmBank Group and is a public listed company on the Main Market of Bursa Malaysia. For more information, please visit www.ambankgroup.com SOURCE : AmBank Group
FOR MORE INFORMATION, PLEASE CONTACT:
Name : Syed Anuar Syed Ali
Head, Group Corporate Communications and Marketing
AmBank Group
Tel : 03 2036 1703
Email : sasa@ambankgroup.com
--BERNAMA |
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