AMMB and Liberty in insurance merger deal

“We are confident that this proposed transaction will set the stage for us to thrive and compete better, strengthening our positioning in the Malaysian insurance market,” AMMB group chief executive officer Datuk Sulaiman Mohd Tahir (pic) said.

PETALING JAYA: AMMB Holdings Bhd’s 51% owned subsidiary AmGeneral Holdings Bhd (AGHB) has entered into an agreement with Liberty Insurance Bhd (LIB) for its proposed sale of AmGeneral Insurance Bhd (AGIB).

The deal is subject to receiving appropriate regulatory approvals that would subsequently see LIB acquiring a 100% equity stake in AGIB from AGHB for RM2.29bil, which will be satisfied through a combination of cash and shares.