SINGAPORE: Malaysian lender AMMB Holdings
said on Monday that the proposed sale of its Malaysian insurance businesses, jointly owned with MetLife, to Singapore insurer Great Eastern for RM1.12bil ($249.61 million), has been called off.
AMMB said the agreement dated Oct. 2, 2023, in which Great Eastern's units - Great Eastern Life Assurance (Malaysia) and Great Eastern Takaful - were set to acquire AmMetLife Insurance and AmMetLife Takaful, has been terminated.
