Azman to consider raising stake in AmBank if ANZ decides to sell
Published on: Friday, May 27, 2016
Kuala Lumpur: AMMB Holdings Bhd (AmBank Group) Chairman Tan Sri Azman Hashim said increasing his stake in the bank was an option if ANZ Banking Group decides to sell its shares."I am just looking at the options. If they sell, then it is one to consider," he told reporters on the sidelines of the 20th Malaysian Banking Summit, here Thursday.It was reported that ANZ Banking Group is said to be looking at the sale of its 24 per cent stake in AmBank Group and also seeking to reduce a 20 per cent equity in China's Shanghai Rural Commercial Bank.ADVERTISEMENT The Australian bank is stepping up efforts to exit minority stakes in Asia.ANZ has had a presence in Malaysia since 1971. In 2012, it opened a branch office at the Labuan International Business and Financial Centre.The branch complements ANZ's existing representative office in Kuala Lumpur and its partnership with AmBank, one of the largest banking groups in Malaysia.The ANZ-AmBank partnership includes customer referrals between both, the creation of new products and services, and joint cooperative deals for large regional companies and Malaysian conglomerates. ADVERTISEMENT Stay up-to-date by following Daily Express’s Telegram channel.
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Meanwhile, Azman, who is also the Chairman of the Financial Services Professional Board, said the RM53.7 million fine imposed by Bank Negara Malaysia on AmBank was an expensive lesson and the financial institution is working hard to ensure "it does not happen again". The penalty was imposed last November due to a breach of regulations under Section 234 of the Financial Services Act 2013 and Sect 245 of the Islamic Financial Services Act 2013 by AmBank (M) Bhd and AmBank Islamic Bhd. – Bernama