RHB Bank Bhd and AMMB Holdings Bhd announced today that both parties have mutually agreed to end discussions on the proposed merger of the two banking groups.
After much discussion and deliberation, RHB Bank and AmBank Group were not able to reach an agreement on mutually acceptable terms and conditions for the proposed merger.
Datuk Khairussaleh Ramli, Group Managing Director of RHB Banking Group, said, “We would like to record our sincere appreciation to the Board of Directors and Senior Management of AmBank Group for their cooperation throughout the discussions.”
“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,” added Khairussaleh.
Datuk Sulaiman Mohd Tahir, Group Chief Executive Officer, AmBank Group, said, “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.”
“Given the heritage and strength of the AmBank Group, we are 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 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,” added Sulaiman.
With the cessation of the merger discussions, the Exclusivity Period pursuant to the Exclusivity Agreement entered into between both parties on 1 June 2017 will automatically lapse immediately.