Allianz calls off talks to buy HSBC Amanah Takaful Malaysia

El-Erian, the chief economic adviser to Allianz: "Think of sterling as facing a double whammy with no strong anchor."

KUALA LUMPUR: Allianz Malaysia Bhd has discontinued its talks to purchase a 100% stake in  HSBC Amanah Takaful (Malaysia) Bhd.

It said on Tuesday it had discontinued its negotiations with the shareholders – HSBC Insurance (Asia Pacific) Holdings Ltd, JAB Capital Bhd and the Employees Provident Fund Board – in connection with the proposed acquisition. 

On Oct 26, 2016, the insurer announced that Bank Negara Malaysia stated it had no objection in principle for it to start negotiations with the three parties.

This was also subject to all parties concluding negotiations within six months from the date of the letter from BNM on Oct 26.