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Flash Note – AMMB (REDUCE, maintain) - Strategic partnership with MetLife International




Affin Hwang Investment Bank Bhd


19 Dec 2013





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Disposal of AMMB’s stakes in AmLife Insurance and AmFamily Takaful AMMB Holdings announced that the group is seeking regulatory approval from Bank Negara Malaysia for the strategic partnership with MetLife International Holdings (a global provider of insurance, annuities and employee benefit programs), of which will involve the disposal of stakes amounting to RM812m according to the following manner:- i) Sale of a 50% +1 share in AmLife to MetLife; ii) Sale of approximately 49.99% of stakes in AmFamily Takaful to MetLife, with AMMB still owning the majority stake of 50% +1 share. Meanwhile, the proposal will also see AmLife and AmTakaful entering into an exclusive 20-year bancassurance and bancatakaful agreements for the distribution of life insurance and family takaful products through AmBank and AmIslamic’s branches across the country.

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