| Type | Announcement |
| Subject | Maybank Group announces signing of MOU for proposed insurance joint venture with Indonesia’s Panin Group |
Under the MOU, both parties will negotiate the proposal for a joint venture by way of Maybank Group acquiring a 60% stake in PT Anugrah Life Insurance. Should the joint venture partnership materialise, Maybank Group will lend its expertise to replicate its highly successful bancassurance business model currently used in Malaysia and make it available to the distribution network of clients of Panin Bank which has 262 offices throughout Indonesia.
Maybank Group and Panin Life agreed that the successful negotiation on the proposed acquisition and business partnership as set out in the MOU would lead to the execution of definitive legal agreements between the parties and will be subject to the usual conditions including obtaining the approval from the relevant regulatory authorities of both Indonesia and Malaysia.
The full text of the Press Release issued today is attached.
This announcement is dated 30 March 2007.
| Company Name | MALAYAN BANKING BERHAD |
| Stock Name | MAYBANK |
| Date Announced | 30 Mar 2007 |
| Category | General Announcement |
| Reference No | MB-070330-61070 |