Aiming for a slot among the top five in each of its business segments, the group is evaluating interests pouring in from global bigwigs for a share in AmLife Insurance. Selection of a strategic partner with a global presence and Asian experience will take almost three months before the group has a “clear picture” of its potential partner, said its group managing director Ashok Ramamurthy (photo).
Australia and New Zealand Banking Group Ltd (ANZ), which came on board AMMB in 2007, now holds a 24% stake in the AMMB group.
In a separate press conference last Friday, AmBank chairman Azman Hashim said the banking group is in the middle of a negotiations to sell its conventions and Islamic insurance units to a new partner.
Ramamurthy said the company is open to selling a stake in the life insurance arm; however, it intends to keep a “reasonable” stake in the business.
Foreign companies can acquire as much as a 70% stake in Malaysian insurance companies. The restrictions on foreign ownership was eased from a 49% level in 2010 under the financial sector liberalisation plan.
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