Grab Keen on Acquiring Stake in AmBank

Former chairman Azman Hashim and ANZ Group are likely to divest their stake

Teckwai Saw

11 May, 2022

Grab Keen on Acquiring Stake in AmBank | BEAMSTART News

Singapore-based ride-hailing and payments platform, Grab is reported to be eyeing a majority stake in AMMB Holdings Bhd (AmBank), according to sources familiar with the matter.

AmBank’s two largest shareholders, the firm’s former chairman, Azman Hashim and Australia and New Zealand Banking Group (ANZ) are likely to sell their stake.

According to the latest annual report, ANZ has a 21.68% stake in AmBank while, Azman, who retired as the banking group’s chairman end of March 2022, owns 11.83% stake.

The news came after Bank Negara Malaysia awarding a digital banking licence to the GXS Bank Pte Ltd and Kuok Brothers Sdn Bhd consortium end of April 2022.

GXS is jointly owned by Grab and Singapore Telecommunications Ltd (Singtel) and had secured a digital bank license in Singapore during December 2020.

Early January 2022, both Singtel and Grab have bought a 16.3% stake in Indonesia's PT Bank Fama International via their joint subsidiary A5-DB Holdings Pte Ltd.

On the other hand, there were speculations about a merger reconsideration between AmBank and RHB Bank.

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