Al­lianz gets BNM nod for talks on HSBC Amanah Taka­ful

The Sun (Malaysia) - - SUNBIZ -

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.

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