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Great Eastern Holdings Limited, through its subsidiaries, Great Eastern Life Assurance (Malaysia) Berhad and Great Eastern Takaful Berhad, has agreed to acquire all shares in AmMetLife Insurance Berhad and AmMetLife Takaful Berhad from AMAB Holdings Sdn Bhd.
Once the acquisition is finalised, Great Eastern Life Assurance will completely own AmMetLife Insurance while Great Eastern Takaful Berhad will own AmMetLife Takaful Berhad.
Furthermore, this acquisition will initiate exclusive twenty-year agreements with AMAB Holdings’ parent company, AMMB Holdings Berhad, to distribute life insurance and family takaful products via the banking networks of AmBank (M) Berhad and AmBank Islamic Berhad throughout Malaysia.
The deal awaits green lights from regulatory bodies such as Bank Negara Malaysia, the Malaysian Minister of Finance, and the Monetary Authority of Singapore. After receiving these approvals and meeting other requirements, a definitive sale and purchase agreement can be concluded.
Great Eastern Group’s Chief Executive Officer, Khor Hock Seng was optimistic about the process, stating,
“We look forward to partner with AmBank (M) Berhad and AmBank Islamic Berhad to offer our insurance and takaful solutions to the bank’s 3 million customers.”
