U8hash:AmGeneral completes sale of unit to Liberty Insurance for RM2.29bil

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KUALA LUMPUR: AMMB Holdings Bhd’s 51 per cent-owned subsidiary AmGeneral Holdings Bhd (AGHB) has completed the sale of AmGeneral Insurance Bhd (AGIB) to Liberty Insurance Bhd (LIB) for RM2.29 billion, a statement from AmBank Group said today.

This follows the regulatory approval from the Minister of Finance and the signing of the share sale and purchase agreement with LIB, the statement said.

With the completion of the deal, LIB now has acquired 100 per cent of AGIB, previously 51 per cent-owned by AMMB and 49 per cent-owned by Insurance Australia Group.

As part of the sales agreement, AMMB has received cash amounting to RM287 million and a 30 per cent stake in AGIB and LIB valued at RM939 million.

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In addition, AMMB has entered into a 20-year new bancassurance partnership for the distribution of general insurance products as part of the transaction.

AMMB said the operations of AGIB and LIB will be formally merged at a subsequent date, at which time it is expected that the combined entity will become a leading general insurer, as well as the largest motor insurer in Malaysia.

Group chief executive officer Datuk Sulaiman Mohd Tahir is confident that together, the company is now more than equipped to serve its enlarged customer base as well as business partners with innovative insurance solutions. - Bernama