Malaysia-based bank
AmBank Group comprises AMMB Holdings Berhad (AMBANK 1015) is one of the largest banking groups in Malaysia whose core businesses are retail banking, wholesale banking, Islamic banking, and life and general insurance.[2]
The Group trades under a number of brands, including AmBank, AmInvestment Bank, AmInvest, AmBank Islamic, AmGeneral Insurance and AmMetLife. AmBank, its key brand, covers its retail and wholesale banking businesses and is supported by a network of 175 branches and 766 ATM machines in Malaysia (as stated on its website).
AmBank Group was founded in 1975 as Persian - Malaysian Development Bank by Hussain Najadi, the Founder.
Tan Sri Azman Hashim, the current group chairman, has an interest of 14.01% in AMMB Holdings as at 30 June 2014. The single largest shareholder in AMMB Holdings is Australia's ANZ Group with a stake of 23.78% as at 30 June 2014.[3]: 369 In 2006, Amcorp's interest in AMMB was reduced to 18.8% from 32.9% after the Tan Sri Azman sold 300 million shares to ANZ Group.
Both domestically and abroad, it is known as the bank which was central to the 1MDB scandal, and its reputation has been tarnished as a result.[4]
Recent
2001
- AMFB acquired MBF Finance Berhad.
- AmBank, AMFB, and the Selangor state government launched Tabung Perumahan Ehsan, a special housing loan scheme for the lower-income group in the State.
2002
- Merger of Arab-Malaysian Finance Berhad and MBf Finance Berhad, following the vesting of the assets and liabilities of AMFB into MBf Finance Berhad. MBf Finance Berhad changed its name to AmFinance Berhad. AMFB was converted into a holding company.
- Re-branding and changing of the name from "Arab-Malaysian Banking Group" to "AmBank Group" with new Group corporate colours of red and yellow
2003
- Bangunan AmFinance, now known as Menara AmBank, was officially launched by Mahathir Mohamad, who was Malaysia's Prime Minister at the time
2005
- Completed privatisation of AMFB Holdings Berhad.
- Listed AmInvestment Group Berhad ("AIGB") on Bursa Malaysia on 18 May 2005, the Group's investment banking operations.
- On 1 June 2005, the merger of AmBank and AmFinance took place to create AmBank (M) Berhad, the sixth-largest domestic bank in the country.
2006
- In January 2006, AmPrivate Equity, a private equity fund, was launched.
- On 10 March 2006, Insurance Australia Group Limited acquired 30% shareholding in AmAssurance Berhad.
- On 20 April 2006, Am ARA REIT Managers Sdn Bhd was incorporated with AIGB holding 70% equity and ARA Asset Management (Malaysia) Limited 30%, to manage the AmFIRST REIT to be listed on Bursa Malaysia.
- On 1 June 2006, AmIslamic Bank commenced operations, with the vesting of the Islamic assets and liabilities of AmBank (M) Berhad into a separate subsidiary company.
- On 21 December 2006, AmFIRST REIT listed on Bursa Malaysia.
- The AmInvestment Group was awarded seven RAM League Awards by Rating Agency Malaysia for its outstanding achievements in the domestic bond market.
2007
- The AmBank Group completed the integration exercise of AmSecurities Sdn Bhd into AmInvestment Bank on 3 March 2007. The AmInvestment Bank began operating as a full-fledged investment bank effective 5 March 2007, offering both merchant banking and stockbroking services.
- On 18 May 2007, AmBank Group commemorated the entry of Australia and New Zealand Banking Group Limited as its strategic partner and major investor.
- On 19 June 2007, AMMB Holdings Berhad proposed the privatisation of AIGB and the proposed rights issue of up to 326,887,241 new shares, on the basis of one new share for every eight existing ordinary shares and every eight Converting Preference Share in the company at an issue price of RM3.40 per share.
- The signing of a Memorandum of Understanding ("MOU") between AmInvestment Bank Berhad and Woori Investment & Securities Co Ltd, on 29 November 2007 to promote the parties mutual interests for co-operation in the investment banking business.
2008
- Completed the AMMB Holdings Berhad ("AMMB") rights issue and privatisation of AIGB on 15 January 2008, with AIGB effectively becoming a wholly owned subsidiary of AMMB.
- Completed the transfer of the Fund Based Activities of AmInvestment Bank to AmBank (M) Berhad and AmIslamic
Bank Berhad on 12 April 2008 as part of AMMB's internal corporate restructuring post the AIGB privatisation.
- Establishment of AmG Insurance Berhad to facilitate the separation of the composite insurance business of AmAssurance Berhad into general insurance and life insurance business.
- Malaysian Ventures Management Incorporated Sdn Bhd ("MVMI"), the private equity fund management subsidiary of AMMB, entered into a joint venture agreement with Konzen Capital Pte Ltd, a member of Konzen Group, to manage a $320 million Pioneering Water Fund in Asia.
- AmBank and ANZ enter into a technical services agreement to establish the AmBank Group foreign exchange, interest rate and commodities derivatives business.
- Islamic Stockbroking (window service) launched under the brand of AmIslamic, the universal brand of Islamic products and services across all subsidiaries of the AmBank Group.[5]
- On 9 December 2008, Friends Provident plc acquired 30.0% stake in AmLife Insurance Berhad (formerly AmAssurance Berhad).
- IAG increased its stakeholding in AmG Insurance Berhad from 30.0% to 49.0%.
2009
- AmIslamic Funds Management Sdn Bhd obtains license for Islamic funds management from the Securities Commission to carry out management of offshore and domestic Islamic financial instruments for institutional and retail investors.
- AmCapital (B) Sdn Bhd officially opened on 11 May 2009, bringing funds management, Islamic finance and investment advisory to Brunei Darussalam.[6]
2013
- On 29 July 2013, AmBank founder Hussain Ahmad Najadi was shot dead near the headquarters. A tow truck driver, Koong Swee Kwan, allegedly kills him over suspicious parking lure dispute.
2017
- Proposal merger between RHB Bank and AmBank Group.[7][8]
- Ambank Not Selling Off Its General Insurance Business: CEO Tahir.[9]
2018
- On 25 September 2018, AmBank Group and Malaysian Administrative Modernisation and Management Planning Unit were recognised at the Red Hat Forum Kuala Lumpur, "for their outstanding and innovative use of Red Hat solutions".[10]
2019
- On 1 January 2019, AMMB Holdings Bhd appointed Voon Seng Chuan as AmBank (M) Bhd's new chairman, replacing Azman Hashim.[11]