The planned merger between AmGeneral Insurance Bhd. and Allianz Malaysia Bhd. may have been taken off the table, The Edge Markets reported.
Sources said the Bank Negara Malaysia raised concerns that the combined entity would be too big for the market, according to the report. The news comes a few months after the report that AmGeneral's owners chose Allianz Malaysia as a potential buyer of the company.
AmGeneral Insurance is jointly owned by AMMB Holdings Bhd. and Insurance Australia Group Ltd. When asked about the merger talks, a spokesperson for AMMB Holdings said the company is reviewing its businesses in line with its goals and will make any announcements according to disclosure requirements.
