Allianz gets nod to start talks to buy HSBC Amanah Takaful

PETALING JAYA: Allianz Malaysia Bhd has received the green light to begin stalks to acquire HSBC Amanah Takaful (Malaysia) Bhd.
In a filing with the stock exchange last Friday, Allianz said Bank Negara Malaysia (BNM) had, via its letter dated Oct 26, stated that it has no objection in principle for Allianz to commence negotiations with HSBC Insurance (Asia Pacific) Holdings Ltd, JAB Capital Bhd and the Employees Provident Fund Board on the proposed acquisition.
This is subject to all parties concluding the negotiations within six months from the date of the BNM letter.
Pursuant to the Islamic Financial Services Act 2013, parties concerned are required to obtain the prior written approval from BNM or the Minister of Finance on the recommendation of BNM, as the case may be, before entering into any agreement to effect the proposed acquisition.