RHB Bank Bhd said it has received approval from Bank Negara Malaysia (BNM) to begin negotiations with Tokio Marine Asia Pte Ltd on a potential merger involving its insurance business.
The proposed deal could see RHB dispose of up to 100% of its stake in RHB Insurance Bhd, which would then merge with Tokio Marine Insurans (Malaysia) Bhd. RHB may retain up to a 35% stake in the enlarged entity.
In a Bursa Malaysia filing on Monday, RHB said BNM has no objection to both parties starting negotiations, with a six-month period given to finalise discussions.
The bank noted that the approval is not final, as the proposal will still require approval from the Minister of Finance upon BNM’s recommendation before any definitive agreement can be signed.
RHB said a detailed announcement will be made once definitive agreements are executed.
This marks a renewed attempt at a similar transaction first proposed in 2019, which was later called off after both parties failed to agree on terms.
Separately, RHB had signed new 20-year bancassurance and bancatakaful partnerships in 2025 with Tokio Marine Life and Syarikat Takaful Malaysia Keluarga Bhd, securing up to RM1.6 billion in access fees for the bank.
