AmBank merger, Grab stake buy still market talk


Azman said he acknowledged that the market has been discussing a merger between RHB Bank and AmBank for some time but no progress has been made.

PUTRAJAYA: AMMB Holdings Bhd (AmBank) and RHB Bank Bhd revisiting a merger proposal and Grab Holdings Inc eyeing a stake in the bank remains market talk at the moment, says AmBank chairman Tan Sri Azman Hashim.

Azman said he acknowledged that the market has been discussing a merger between RHB Bank and AmBank for some time but no progress has been made.

“Discussions (market talks) will continue but as of now, there is nothing more than talk and as for Grab, there is also nothing official.

“There are many proposals and we are reviewing them but nothing serious,” he told Bernama on the sidelines of the Perdana Leadership Foundation SME Leaders Programme 2022 themed “Knowledge Exchange for Entrepreneurship Excellence” yesterday.

Nevertheless, he said the bank is consistently enhancing its digital capabilities, paving its way into digitalisation as the way forward amid the digital banking frenzy.

He said the bank has launched an e-banking platform, partnering with other institutions in new areas and is exploring digitalisation within its existing structure despite not being in the run for a digital banking licence.

“Our e-banking segment has expanded rapidly and we have no choice but to join the crowd and the competition (which requires us to adopt digitalisation).

“We are constantly updating and releasing new products because (digitalisation) is the future,” he said.

It was reported that Singapore-headquartered e-hailing company Grab is interested in acquiring a stake in AmBank from the bank’s two largest shareholders, Australia and New Zealand Banking Group Ltd (ANZ) and Azman.

ANZ holds a 21.68% equity stake in AmBank and Azman holds 11.83%.

Azman has released his role as non-independent non-executive chairman of AmBank effective March 31, 2022, after the end of AmBank’s financial year.

However, he continues to hold the position of chairman in multiple entities including the Asian Institute of Chartered Bankers, Asian Banking School Sdn Bhd, Financial Industry Collective Outreach, Malaysia South-South Corp Bhd, Malaysia-Japan Economic Asso-ciation and the Perdana Leadership Foundation.

Grab’s digital bank joint venture, GXS Bank, was recently granted a digital bank licence by Bank Negara.

Earlier this year, it acquired a 16.3% stake in Indonesian PT Bank Fama International to pursue banking opportunities in the archipelago.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

AmBank , Azman Hashim , RHB , merger , Grab ,

   

Next In Business News

Fashion retailer H&M's second-quarter profit beats expectations
Oil prices slide after three-day rally
Toyota misses May global production target, third month of shortfall
Asian stocks lose gains made on shorter China quarantine as recession fears persist
Tropicana partners Affin Bank to offer Home Step Fast/i campaign
DOSM: Malaysia's economic recovery remains in sight amid global uncertainty
Bintai Kinden’s unit and Saudi-based Marafie in partnership
Unique Fire to raise RM21.78mil via ACE Market listing
Digi, Axiata push FBM KLCI higher
Asian stocks lose bounce from shorter China quarantine, slip on inflation fears

Others Also Read