Malayan Banking Berhad (“Maybank”) wishes to announce that one of its subsidiaries, Sri MLAB Berhad (“Sri MLAB”) which was formerly known as Mayban Life Assurance Bhd held an Extraordinary General Meeting (“EGM”) on 30 December 2011 whereby it was resolved that Sri MLAB be wound up voluntarily.

Sri MLAB is wholly owned by Mayban Ageas Holdings Berhad (MAHB). Etiqa International Holdings Sdn. Bhd. (EIHSB) in turn holds 69.05% interest in MAHB.  EIHSB is a wholly-owned subsidiary of Maybank. The shareholder of Sri MLAB had also at the EGM approved the appointment of Ms. Chua Siew Chuan as the liquidator.

As part of the MAHB Group’s internal restructuring exercise, Sri MLAB had on September 27, 2010 transferred its life insurance business to Etiqa Insurance Berhad (EIB), another direct subsidiary of MAHB. Subsequently, it changed to its current name on December 24, 2010. 

The voluntary winding-up of Sri MLAB is not expected to have any material effect on the earnings and net tangible assets of the Maybank Group.  None of the Directors or substantial shareholders of Maybank or persons connected to them has any interest in the voluntary winding-up.

This announcement is dated December 30, 2011.