25.04.2013 - Malaysia's AMMB seeking offers for life insurance stake
Malaysian banking group AMMB Holdings Bhd has started seeking offers for its life insurance units, two people familiar with the deal said Wednesday, as the country's fifth-largest banking group looks to raise as much as $600 million from the sale.AMMB is seeking to expand its profitable insurance business and is seeking a partner with expertise in the industry. The first round of bids for a stake of up to 70% in the business are due in the next two to three weeks, one of the people said. Bidders will be shortlisted in June and must obtain approval from Malaysia's banking regulator before they can proceed to the next round of bidding, another person told Dow Jones Newswires...............................................Full Article: Source
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