AMMB Berhad : COMPLETES SALE OF GENERAL INSURANCE BUSINESS
MEDIA RELEASE AMMB COMPLETES SALE OF GENERAL INSURANCE BUSINESS KUALA LUMPUR (Jul 28, 2022) –…
MEDIA RELEASE
AMMB COMPLETES SALE OF GENERAL INSURANCE BUSINESS
KUALA LUMPUR (Jul 28, 2022) – AMMB Holdings Berhad’s (“AMMB”) 51%- owned subsidiary, AmGeneral Holdings Berhad (“AGHB”) at this time introduced the profitable completion of the sale of its wholly-owned subsidiary, AmGeneral Insurance coverage Berhad (“AGIB”), to Liberty Insurance coverage Berhad (“LIB”). This follows via from the receipt of regulatory approval from the Minister of Finance and signing of the share sale and buy settlement with LIB.
With the completion of the deal, LIB has acquired 100% of the shares of AGIB, which was beforehand 51%-owned by AMMB and 49%-owned by Insurance coverage Australia Group, for a headline buy consideration amounting to RM2.29 billion. As a part of the gross sales settlement, AMMB obtained money amounting to RM287 million and a 30% stake in AGIB and LIB valued at RM939 million.
As a part of the transaction, AMMB entered right into a 20-year new bancassurance partnership for the distribution of basic insurance coverage merchandise. The operations of AGIB and LIB shall be formally merged at a subsequent date, at which period it’s anticipated that the mixed entity will grow to be a number one basic insurer, in addition to the biggest motor insurer in Malaysia.
AMMB Group Chief Government Officer, Dato’ Sulaiman Mohd Tahir stated, “We’re certainly happy with the completion of the sale of our basic insurance coverage enterprise
Issued by Media Relations Unit, Group Company Communications & Advertising and marketing, AmBank Group Stage 21, Bangunan AmBank Group, 55, Jalan Raja Chulan, 50200 Kuala Lumpur
MEDIA RELEASE
to Liberty Mutual Insurance coverage. As a strategic associate, we sit up for working with them, and we’re assured that collectively, we’re greater than outfitted to serve our enlarged buyer base in addition to enterprise companions with revolutionary insurance coverage options.”
Based mostly in Kuala Lumpur, LIB employs roughly 450 workers at six regional places of work and 24 branches throughout Malaysia. The corporate distributes its private, business and different product strains via a number of channels, together with a 2,000- agent work pressure, plus franchises, automobile sellers and our banca companions. LIB goals to offer a handy and hassle-free service that’s simply accessible from wherever you might be.
About AmBank Group
AmBank Group is a number one monetary providers group with over 40 years of experience in supporting the financial improvement of Malaysia. We’ve got over three million prospects and make use of over 9,000 individuals.
The Group was listed on the Predominant Market of Bursa Malaysia in 1988. It’s the sixth-largest banking group by belongings in Malaysia, with a market capitalisation of greater than RM12 billion as at 31 March 2022.
AmBank Group serves over three million particular person and company prospects. It gives providers in wholesale banking, retail banking, enterprise banking, funding banking and associated monetary providers which embrace Islamic banking, underwriting of basic insurance coverage, inventory and share broking, futures broking, funding advisory and administration providers in belongings, actual property funding belief and unit trusts.
For extra info, please go to www.ambankgroup.com
For additional info, please contact Ridzuan Zulkifli, Senior Vice President, Group Company Communications and Advertising and marketing, AmBank Group at [email protected]
Issued by Media Relations Unit, Group Company Communications & Advertising and marketing, AmBank Group Stage 21, Bangunan AmBank Group, 55, Jalan Raja Chulan, 50200 Kuala Lumpur
