Monday, November 20, 2017

Allianz and HSBC fail to reach Malaysia deal

Discussions for Allianz Malaysia to acquire HSBC Amanah Takaful have ended and the camps failed to arrive at a deal, the local subsidiary of the German insurer told Bursa Malaysia in a filing.

Allianz Malaysia is 66.39%-owned by its parent Allianz.

According to the filing, it has terminated its negotiations with HSBC Amanah’s shareholders regarding the proposed acquisition, not citing a concrete reason though.

HSBC Amanah is owned by HSBC Insurance, JAB Capital and Employees Provident Fund.

In an earlier report, Allianz Malaysia chief executive officer Zakri Mohd Khir was quoted as saying that the firm had been approached by takaful players in the past but the asking price to acquire the business was too high.

Allianz Malaysia, which has been looking to secure an Islamic insurance or takaful business, had been pursuing a bid for HSBC Amanah since October last year.

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