November 29, 2022

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AMMB Berhad : COMPLETES SALE OF GENERAL INSURANCE BUSINESS

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AMMB COMPLETES SALE OF GENERAL INSURANCE BUSINESS

KUALA LUMPUR (Jul 28, 2022) – AMMB Holdings Berhad’s (“AMMB”) 51%- owned subsidiary, AmGeneral Holdings Berhad (“AGHB”) right now presented the successful crowning glory of the sale of its wholly-owned subsidiary, AmGeneral Insurance plans Berhad (“AGIB”), to Liberty Insurance plans Berhad (“LIB”). This follows by the use of from the receipt of regulatory approval from the Minister of Finance and signing of the proportion sale and purchase agreement with LIB.

With the crowning glory of the deal, LIB has bought 100% of the stocks of AGIB, which used to be previously 51%-owned by means of AMMB and 49%-owned by means of Insurance plans Australia Workforce, for a headline purchase attention amounting to RM2.29 billion. As part of the product sales agreement, AMMB got cash amounting to RM287 million and a 30% stake in AGIB and LIB valued at RM939 million.

As part of the transaction, AMMB entered proper right into a 20-year new bancassurance partnership for the distribution of fundamental insurance plans products. The operations of AGIB and LIB will probably be officially merged at a next date, at which time it’s expected that the blended entity will transform a primary fundamental insurer, along with the most important motor insurer in Malaysia.

AMMB Workforce Leader Govt Officer, Dato’ Sulaiman Mohd Tahir said, “We’re indisputably pleased with the crowning glory of the sale of our fundamental insurance plans endeavor

Issued by means of Media Family members Unit, Workforce Corporate Communications & Promoting and advertising and marketing, AmBank Workforce Degree 21, Bangunan AmBank Workforce, 55, Jalan Raja Chulan, 50200 Kuala Lumpur

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to Liberty Mutual Insurance plans. As a strategic affiliate, we sit down up for running with them, and we’re confident that jointly, we’re more than geared up to serve our enlarged purchaser base along with endeavor partners with progressive insurance plans choices.”

Primarily based most commonly in Kuala Lumpur, LIB employs kind of 450 staff at six regional puts of labor and 24 branches all through Malaysia. The company distributes its non-public, industry and other product lines by the use of plenty of channels, along with a 2,000- agent paintings force, plus franchises, car dealers and our banca partners. LIB targets to provide a at hand and hassle-free carrier that’s merely available from anyplace you may well be.

About AmBank Workforce

AmBank Workforce is a primary financial suppliers staff with over 40 years of revel in in supporting the monetary growth of Malaysia. We’ve were given over 3 million possibilities and employ over 9,000 folks.

The Workforce used to be indexed at the Primary Marketplace of Bursa Malaysia in 1988. It’s the sixth-largest banking staff by means of property in Malaysia, with a marketplace capitalisation of more than RM12 billion as at 31 March 2022.

AmBank Workforce serves over 3 million explicit particular person and corporate possibilities. It provides suppliers in wholesale banking, retail banking, endeavor banking, investment banking and related financial suppliers which embody Islamic banking, underwriting of fundamental insurance plans, stock and percentage broking, futures broking, investment advisory and management suppliers in property, precise belongings investment trust and unit trusts.

For additonal data, please pass to www.ambankgroup.com

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For more information, please touch Ridzuan Zulkifli, Senior Vice President, Workforce Corporate Communications and Promoting and advertising and marketing, AmBank Workforce at [email protected]

Issued by means of Media Family members Unit, Workforce Corporate Communications & Promoting and advertising and marketing, AmBank Workforce Degree 21, Bangunan AmBank Workforce, 55, Jalan Raja Chulan, 50200 Kuala Lumpur