KUALA LUMPUR: RHB Bank
Bhd has received approval from Bank Negara Malaysia (BNM) to extend negotiations with Tokio Marine Asia Pte Ltd over a proposed insurance business transaction until Feb 11, 2027.
In a filing with Bursa Malaysia, the bank said BNM granted the extension in a letter dated Oct 21, following its application on Oct 16.
The negotiations relate to RHB Bank's proposed disposal of up to 100% equity interest in RHB Insurance Bhd and the proposed integration of Tokio Marine Insurans (Malaysia) Bhd and RHB Insurance into an enlarged entity.
Under the proposal, RHB Bank would retain an equity interest of up to 35% in the integrated entity.
RHB Bank had previously said both parties had made meaningful progress in discussions, including ongoing due diligence reviews and negotiations on key commercial terms and transaction documentation.
BNM initially granted approval on May 11, 2026, for RHB Bank to commence negotiations with Tokio Marine Asia.
