RHB group exits asset management business in Indonesia

KUALA LUMPUR (Bernama) -- RHB Investment Bank Bhd’s unit, PT RHB Sekuritas Indonesia plans to dispose of its investment management services in PT RHB Asset Management Indonesia (RHBAMI).

In a statement today, the group said the proposed transaction, via a conditional share purchase agreement, entails the disposal of PT RHB Sekuritas Indonesia’s entire 98.62% equity interest and 1% equity interest in RHBAMI to Allianz Global Investors Asia Pacific Limited (AllianzGI) and PT Asuransi Allianz Life Indonesia (Allianz Life Indonesia), respectively.

The proposed transaction is expected to be completed in the fourth quarter of this year and is subject to conditions precedent of the agreement, including approval by the Indonesian Financial Services Authority.

"RHBAMI has served the group’s Indonesian customers over the past 12 years and maintains assets under management of US$480 million as of December 2020.

"Within that time, it has grown its client base considerably through multi-channel distribution,” said RHB Banking Group managing director and chief executive officer Datuk Khairussaleh Ramli.

He also said that the decision is consistent with the group’s FIT22 strategy to focus on its strengths and ability to compete effectively, whereby the group will continue to build its stockbroking and selective investment banking business in Indonesia.

Khairussaleh added that the existing clients of RHBAMI will benefit from this corporate exercise by having access to an extensive suite of investment products and services, as well as regional and global investment expertise and research capabilities through the AllianzGI network.

"Indonesia remains a key market driver and an important part of the group’s regional footprint.

"Therefore, we will focus on enhancing and growing our stockbroking and investment banking business in Indonesia through PT RHB Sekuritas Indonesia by investing in core capabilities to drive our business growth,” he said.
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