KUALA LUMPUR: The AmBank Group and RHB Group merger has been scrapped as both parties failed to mutually agree on acceptable terms and conditions for the proposed merger.
“We would like to take this opportunity to appreciate all those who were involved in the discussions from both sides for the past three months,” said Ambank Group Chief Executive Officer Datuk Sulaiman Mohd Tahir.
“Our Group’s strategy and direction remains the same as we aspire to deliver on our Group Top 4 growth aspirations.
“We remain focused on our FY2018 business plan in line with the Group’s Top 4 strategy as we work towards running the bank better and changing the bank while delivering optimal returns for our shareholders,” he said in a statement.
Datuk Khairussaleh Ramli, Group Managing Director of RHB Banking Group meanwhile recorded his apologies to all parties involved.
“With this decision, we will now continue to execute our initiatives under our current strategy to create value for our shareholders, and focus on delivering superior customer experience,” he said.
With the cessation of the merger discussions, the exclusivity period pursuant of till 30 August 2017, will automatically lapsed.