KUALA LUMPUR, Aug 22 – RHB Bank Bhd and AMMB Holdings Bhd have mutually agreed to end discussions on the proposed merger of the two banking groups as both parties failed to reach an agreement on mutually acceptable terms and conditions for the proposed merge, the banks said in a joint statement today.
“With the 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,” said RHB Banking Group group managing sirector Datuk Khairussaleh Ramli.
Meanwhile, AmBank Group group chief executive officer Datuk Sulaiman Mohd Tahir said given the heritage and strength of the AmBank Group, it was confident of moving forward despite the fact that the merger did not materialise. “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 financial year 2018 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,” said Sulaiman. With the cessation of the three-month merger discussions, the exclusivity period, pursuant to the exclusivity agreement entered into between both parties on June 1, 2017, would lapse immediately. — Bernama