KUALA LUMPUR, May 11 (Bernama) -- RHB Bank Bhd said its unit, RHB Investment Bank Bhd, has received no objection from Bank Negara Malaysia to begin talks with Tokio Marine Asia Pte Ltd on the proposed disposal of up to a 100 per cent stake in RHB Insurance Bhd.
In a filing to Bursa Malaysia Bhd today, the group said the central bank’s letter allows the parties to begin discussions on integrating RHB Insurance Bhd with Tokio Marine Insurans (Malaysia) Bhd into an enlarged insurance entity, in which RHB Bank would retain up to a 35 per cent stake.
"The approval is subject to negotiations being concluded within six months from the date of the letter," it said.
Under the Financial Services Act 2013, the parties will also require prior approval from the Minister of Finance, on the recommendation of BNM, before entering into any definitive agreements.
RHB Bank said a further announcement will be made once definitive agreements are executed.
-- BERNAMA
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