Memorandum Of Understanding ("MOU") between Malayan Banking Berhad ("Maybank") and PT Panin Life Tbk ("Panin")

Apr 04, 2008 Back
Type Announcement
Subject Memorandum Of Understanding ("MOU") between Malayan Banking Berhad ("Maybank") and PT Panin Life Tbk ("Panin")

Contents :

Maybank wishes to refer to its earlier announcements on 30 March 2007, 20 August 2007, 28 September 2007, 13 November 2007 and 31 December 2007 in respect of the signing of an MOU with Panin for both Maybank Group and Panin to commence discussion on a possible joint venture partnership via the acquisition of 60% stake in PT Anugrah Life Insurance, a subsidiary of Panin.


As stated in our previous announcement, Maybank was then reviewing its earlier business proposal due to the regulation of the Ministry of Finance of the Republic of Indonesia that a foreign holding company is required to maintain a majority of its portfolio in insurance business should it wish to become a shareholder of a local insurance company,

Maybank is pleased to inform that following such review, the Board of Directors of Maybank and Mayban Fortis Holdings Berhad (“Mayban Fortis”) and its joint venture partner, Fortis, have agreed that Maybank’s insurance and takaful holding company, Mayban Fortis be the legal entity (instead of Maybank) to pursue the proposed acquisition of PT Anugrah Life Insurance.

Mayban Fortis had on 26 March 2008 obtained the approval from Bank Negara Malaysia for the proposed acquisition which is one of the prerequisites in the submissions to the Indonesian authorities.

Panin and Mayban Fortis teams are currently preparing the submissions to the relevant Indonesian authorities for approval of the acquisition.

The announcement is dated 4 April 2008.

 

Announcement Info

Company Name MALAYAN BANKING BERHAD  
Stock Name MAYBANK    
Date Announced 4 Apr 2008  
Category General Announcement
Reference No MB-080404-60127