RHB Bank Bhd has terminated plans to sell its insurance arm RHB Insurance Bhd to Tokio Marine Asia Pte Ltd (TMA).
The company said in a filing with Bursa Malaysia that it has not been able to reach an agreement on mutually acceptable terms and conditions on its proposed disposal of a 94.7% stake in RHB Insurance to TMA.
As such, RHB Bank and TMA have mutually agreed to cease negotiations, and will not proceed with the proposed disposal.