The deal will see Great Eastern owning a 100% stake in both AmMetLife Insurance and AmMetLife Takaful.
The partnership between AMMB and MetLife dates back to 2014 when the US-based insurance group took up half of the shareholdings in AmLife Insurance and AmFamily Takaful for US$249 million.
AMAB owns 50% minus one share in AML and 50% plus one share in AMT, while US-based MetLife holds the remaining stake in both units. AMMB group CEO Sulaiman Mohd Tahir said the synergistic integration provides the group with the advantage of securing economies of scale that will translate into superior customer value.
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