RHB Bank ends talks to sell insurance unit to Tokio Marine

KUALA LUMPUR: RHB Bank Bhd, Malaysia's fourth-biggest lender by assets, said on Thursday it had called off talks to sell up to 94.7% of its shares in RHB Insurance to Tokio Marine Asia (TMA), a unit of Japan's Tokio Marine Holdings Inc.

"RHB Bank wishes to announce that after much negotiations and deliberations, both the company and TMA have not been able to reach an agreement on mutually acceptable terms and conditions for the proposed disposal," RHB said.