KUALA LUMPUR (Apr 19): Alliance Bank Malaysia Bhd said today its legal suit against AMMB Holdings Bhd (AmBank) has been resolved as both parties have reached an "amicable settlement".

"We are pleased to inform that this accordingly brings the matter to an end,” Alliance said in a bourse filing, adding there is no financial or operational impact arising from the settlement.

To recap, The Edge Malaysia weekly reported on Feb 26 that Alliance Bank served a summons on AmBank for allegedly misappropriating sensitive information from Alliance Bank via its ex-employees who are now current AmBank employees.

Following the report, Alliance Bank issued a media statement that it would reach out to AmBank to resolve the matter.

AmBank managing director of business banking Christopher Yap, hired by the bank to lead the new division, was at the centre of the controversy.

The Edge Malaysia weekly reported that Alliance Bank had identified an electronic paper trail that showed sensitive information making its way into Yap’s hands after his departure.

At market close today, Alliance Bank was up 8 sen or 1.82% to RM4.48 while AmBank closed up 2 sen or 0.51% to RM3.92. Alliance Bank’s market capitalisation stood at RM6.94 billion, and AmBank’s at RM11.82 billion.