Allianz gets BNM nod for talks on HSBC Amanah Takaful

PETALING JAYA: Allianz Malaysia Bhd has received the green light to begin talks to acquire HSBC Amanah Takaful (Malaysia) Bhd.

In a filing with the stock exchange last Friday, Allianz said Bank Negara Malaysia (BNM), via a letter dated Oct 26, said it has no objection in principle for Allianz to start negotiations with HSBC Insurance (Asia Pacific) Holdings Ltd, JAB Capital Bhd and the Employees Provident Fund board on the proposed acquisition.

The negotiations must be concluded within six months from Oct 26.

Pursuant to the Islamic Financial Services Act 2013, parties concerned are required to obtain prior written approval from BNM or the finance minister on the recommendation of BNM, as the case may be, before entering into any agreement to effect the proposed acquisition.