SINGAPORE — Great Eastern Holdings Ltd. (GEH), through its Malaysia subsidiaries, will wholly acquire the shares of AmMetLife Insurance (AML), and AmMetLife Takaful Berhad (AMT).
The company announced on Monday (2 October) that Great Life Assurance Malaysia (GELM) will acquire 100 per cent of the shares of AML, while Great Eastern Takaful Berhad (GETB) will acquire 100 per cent of AMT.
Great Eastern said that the proposed acquisition will see GELM, together with AML – and GETB, together with AMT – entering into exclusive 20-year bancassurance and bancatakaful agreements for the distribution of life insurance and family takaful products through the distribution network of AMMB's banking subsidiaries, AmBank (M) Berhad and AmBank Islamic Berhad, across Malaysia.
The proposed acquisition is subject to regulatory approvals from Bank Negara Malaysia and/or the Minister of Finance of Malaysia, and the Monetary Authority of Singapore.
Upon receipt of these regulatory approvals and satisfaction of certain other conditions, AMAB, MetLife, GELM and GETB will enter into a definitive sale and purchase agreement in accordance with the terms of the implementation agreement, GEH said in its statement.
Insurance and takaful solutions in Malaysia
"We look forward to partner with AmBank (M) Berhad and AmBank Islamic Berhad to offer our insurance and takaful solutions to the bank's three million customers. This opportunity will provide both GELM and GETB with an expanded distribution network to serve the Malaysian residents, and further reinforce our commitment in the insurance and family takaful industry in Malaysia," Great Eastern Group's Chief Executive Officer, Khor Hock Seng, said.
Further announcements in relation to this acquisition will be made at the appropriate time, GEH said.