RHB Bank ends sale negotiations

RHB Bank Bhd, Malaysia’s fourth-biggest lender by assets, has called off talks to sell up to 94.7 percent of its shares in RHB Insurance to Tokio Marine Asia (TMA), a unit of Japan’s Tokio Marine Holdings Inc.

“RHB Bank wishes to announce that after much negotiations and deliberations, both the company and TMA have not been able to reach an agreement on mutually acceptable terms and conditions for the proposed disposal,” RHB said in a statement.

“Accordingly, RHB Bank and TMA have mutually agreed to cease negotiations, and will not proceed with the proposed disposal.”

RHB Bank first announced the talks in July and had expected to close a deal in the first quarter of next year, Reuters reported.

RHB Insurance is the tenth largest insurer in Malaysia with a 4.4 percent market share, according to RHB Bank’s 2018 annual report.