RHB-AmBank merger fails to take off

PETALING JAYA: RHB Bank Bhd and AmBank Group have scrapped their proposed merger, marking the increasing difficulty in the consolidation of the Malaysian banking sector.

In filings with Bursa Malaysia, both banks said that after much discussion and deliberation, RHB and AmBank Group were not able to reach an agreement on mutually acceptable terms and conditions for the proposed merger. No reasons were given for this but speculation is rife that the merger was not well received by some shareholders of RHB and AmBank.