AMMB Holdings Bhd (AmBank) has clarified that the recent media reports involving AmBank Group regarding mergers and acquisitions (M&A) are purely speculative.
“As you are aware, we are governed by exacting disclosure requirements.
“If and when we have anything pertinent to announce, in accordance with best practices and corporate governance, a Bursa announcement will be made,” said AmBank to Bernama on Friday (June 23).
In a note on Thursday (June 22), Kenanga Research said “this might be the right time for an M&A for AmBank, given the current market outlook and macro-economic climate”.
It said AmBank’s current fundamental outlook and the prevailing macro-economic outlook climate “could present a more palatable opportunity” for a merger.
Just a year ago, the market was discussing possible merger talks between AmBank and RHB Bank Bhd, as well as Grab Holdings Ltd’s potential acquisition of a stake in Ambank.
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AmBank merger still a rumour
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AmBank merger still a rumour
By Karina Imran / Bernama
23 Jun 2023, 10:49 am
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KUALA LUMPUR (June 23): AMMB Holdings Bhd (AmBank) has clarified that the recent media reports involving AmBank Group regarding mergers and acquisitions (M&A) are purely speculative.
“As you are aware, we are governed by exacting disclosure requirements.
“If and when we have anything pertinent to announce, in accordance with best practices and corporate governance, a Bursa announcement will be made,” said AmBank to Bernama on Friday (June 23).
In a note on Thursday (June 22), Kenanga Research said “this might be the right time for an M&A for AmBank, given the current market outlook and macro-economic climate”.
It said AmBank’s current fundamental outlook and the prevailing macro-economic outlook climate “could present a more palatable opportunity” for a merger.
Just a year ago, the market was discussing possible merger talks between AmBank and RHB Bank Bhd, as well as Grab Holdings Ltd’s potential acquisition of a stake in Ambank.
Meanwhile, RHB Bank Bhd said the bank is not exploring any M&A opportunities right now, however, should an opportunity present itself, it would evaluate and assess the viability.
“Currently, under the RHB Banking Group’s three-year corporate strategy of ‘Together We Progress 2024 (TWP24)’, we are primarily focusing on growing organically.
“Our TWP24 is centred around three strategic objectives — Be Everyone’s Primary Bank, Prioritise Customer Experience and Drive Quality Growth, and we will continue to practise a strong customer-first culture and enhance customer-centric ideation,” it said.
