KUALA LUMPUR: AMMB Holdings Bhd is hopeful that it can close its merger talks with RHB Group on a positive note by the end of its exclusivity deadline, on August 30, 2017.
Speaking to the media after the conclusion of its annual general meeting (AGM) earlier this morning, AmBank Group chief executive officer Datuk Sulaiman Mohd Tahir said the potential merger will have massive growth benefits for both entities.
“We currently hold the exclusive discussion rights with RHB until 30th August, however both parties are allowed to speak to others from the end of August to December this year,” said Sulaiman.
“That said, if we do manage to close the deal with RHB during this exclusive period, we will be able to send in the papers to the regulators by early September for the next necessary steps.”
Sulaiman noted as well that the discussions are definitely on the right track.
“If the merger were to take place; it will enable us to stand on par with the two banking groups in the country which are Maybank Group and CIMB Group,” he said.
“What we are bringing to the table to for this merger is our existing strength in Malaysia, while RHB is bringing their existing regional reach which we currently don't have.”
Both AmBank and RHB had entered into an exclusivity agreement to negotiate and finalise terms and conditions of the proposed merger for submission to the relevant regulatory authorities in June 2017.
If it takes place, the merger would create the country’s fourth largest bank by asset size.