AMMB, RHB on track to conclude merger talks

Ambank Group FY17 first half year result by Datuk Sulaiman Mohd Tahir..

KUALA LUMPUR: AMMB Holdings Bhd and RHB Bank Bhd are on track to conclude merger talks.

AmBank Group chief executive officer, Datuk Sulaiman Mohd Tahir, said he was optimistic that both of them would be able to meet the deadline for exclusivity agreement on Aug 30.

“It is still in process. It is on the right track,” he told reporters at the Credit Guarantee Corp Malaysia Bhd’s Hari Raya open house in Kuala Lumpur on Wednesday.

AMMB and RHB Bank had obtained approval from Bank Negara Malaysia earlier to begin talks for a proposed merger, which involved an all-share deal.

Both parties had entered into an exclusivity agreement to negotiate and finalise terms and conditions of the proposed merger for submission to the relevant regulatory authorities.

The merger, if it materialises, would create the country’s fourth largest bank by asset size. - Bernama