AMMB wholly owned subsidiary AMAB Holdings Sdn Bhd today inked an implementation agreement with MetLife and Great Eastern Holdings Ltd’s subsidiaries Great Eastern Life Assurance (M) Bhd (GELM) and Great Eastern Takaful Bhd (GETB) for the proposed sale.
AMAB currently holds 50 per cent minus one share in AML while MetLife owns the remaining 50 per cent plus one share. Conversely, in AMT, AMAB has 50 per cent plus one share while MetLife holds the rest of the shares.
AMMB said the proposed sale is subject to regulatory approvals from Bank Negara Malaysia and/or the Minister of Finance as well as the Monetary Authority of Singapore, among others.
After securing the necessary regulatory approvals, the involved parties will proceed with a sale and purchase agreement, it said.
On completion of the proposal, GELM will hold 100 per cent of AML and GETB will own 100 per cent of AMT.
In addition, the proposal will see GELM, AML, GETB and AMT entering into exclusive 20-year bancassurance and bancatakaful agreements for the distribution of life insurance and family takaful products through the distribution network of AMMB’s banking subsidiaries, AmBank (M) Bhd and AmBank Islamic Bhd, across Malaysia.
Great Eastern is a subsidiary of OCBC Bank, the longest established Singapore bank.
No comments:
Post a Comment