KUALA LUMPUR: Great Eastern Life Assurance (Malaysia) Berhad (GELM) and Great Eastern Takaful Berhad (GETB), both of which are subsidiaries of Great Eastern Holdings Limited (GEH), had on Oct 2, 2023 entered into an implementation agreement with AMAB Holdings Sdn Bhd (AMAB), a wholly owned subsidiary of AMMB Holdings Berhad (AMMB) and MetLife International Holdings, LLC (MetLife) in relation to:
• the proposed acquisition by GELM of 100% of the shares in AmMetLife Insurance Berhad (AML); and
• the proposed acquisition by GETB of 100% of the shares in AmMetLife Takaful Berhad (AMT)
from AMAB and MetLife (the Proposed Acquisition).
Upon completion of the Proposed Acqusition, GELM will hold 100% of the shares in AML and GETB will hold 100% of the shares in AMT.
In addition, the Proposed Aquisition will see GELM, together with AML, and GETB, together with AMT, entering into an exclusive 20-year bancassurance and bancatakaful agreement 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, 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.
Great Eastern Group CEO Khor Hock Seng said,” We look forward to partner with AmBank (M) Berhad and AmBank Islamic Berhad to offer our comprehensive range of life 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 Malaysians better, and further reinforce our commitment to increase the penetration rate of life insurance and family takaful industry in Malaysia.”
The statement said that further announcements in relation to this acquisition will be made at the appropriate time.
