Looks like yet again no merger agreement has come up between RHB and AMMB, as both parties have mutually agreed to end merger discussion. After much discussion and deliberation, it was quoted that they were not able to reach an agreement on mutually acceptable terms and conditions for the proposed merger.
Dato Khairussaleh Ramli, Group Managing Director of RHB Banking Group, thanked the board and management of AmBank and will refocus on the banks initiatives and current strategy on delivering superior customer experience.
Both banks had their stocks suspended in regards to a major announcement, as both banks have been courting each other for over a year. RHB has been scanning for merger candidate ever since the MBSB fell through and market was pairing these two. With the cessation its back to the drawing board, RHB will be anxious to find a new partner to start again.