KUALA LUMPUR (Dec 11): Shares in AMMB Holdings Bhd rose 1.29% at mid-morning today despite the banking group being embroiled in a possibly long and arduous legal tussle to "vigorously oppose" the suit filed by former prime minister Datuk Seri Najib Razak, in relation to the handling of his current accounts with AmBank Islamic.
At 10am, AMMB's share price gained 5 sen to RM3.92, valuing it at RM11.82 billion.
The bank confirmed it has been served with a writ and statement of claim by Najib on Monday, and that Najib is seeking damages in relation to the conduct of his accounts.
"Both AMMB and AmBank Islamic have appointed solicitors to defend the suit and have been advised by solicitors that the allegations are not sustainable and AmBank Islamic and the company have a strong defence.
"AMMB and AmBank Islamic will vigorously oppose the action," the banking group said.