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KUALA LUMPUR: AMMB Holdings Bhd’s 51%-owned subsidiary, AmGeneral Holdings Bhd (AGHB) has obtained approval from the Minister of Finance (MoF) for the sale of its wholly-owned subsidiary, AmGeneral Insurance Bhd (AGIB) to Liberty Insurance Bhd (LIB).
The banking group, in a statement, said AGIB is currently 51%-owned by AMMB and 49%-owned by Insurance Australia Group (IAG).
Upon completion of the deal, which is subject to customary closing conditions, LIB will acquire 100% of AGIB’s shares, while AMMB will receive its share of the sale proceeds in the form of cash and consideration shares.
As a result, AMMB will hold a 30% interest in the businesses of AGIB and LIB.
As part of the transaction, AMMB will enter into a 20-year new bancassurance partnership with the prospective merged entity for the distribution of general insurance products.
It said the operations of AGIB and LIB will be formally merged at a subsequent date.
“AmBank Group is pleased to have obtained MOF’s approval for the sale of AGIB to LIB. This strategic partnership with a global insurance leader like Liberty Mutual is key to propelling our general insurance business to even greater heights. We are optimistic on the sustained growth opportunities that this dynamic union will bring about,” AMMB group chief executive officer Datuk Sulaiman Mohd Tahir said.
AMMB anticipates signing the sale and purchase agreement and other transaction agreements for the AGIB disposal in July 2022 pursuant to the terms of the implementation agreement entered into between AGHB and LIB on July 19, 2021.