AMMB says to buy Islamic banking unit for RM1.3b
KUALA LUMPUR, Feb 21 — AMMB Holdings Bhd today said it will buy 100 percent of an Islamic banking unit from AmBank (M) Bhd, another unit, for RM1.3 billion.
AMMB said the proposed acquisition was part of the group’s ongoing capital management strategy to enable it to address the impact of the planned introduction of new capital regulations under Basel 3, and to streamline the group’s shareholding structure.
It further said the proposed acquisition will be financed using internally-generated funds. — Reuters