AMMB founder Azman Hashim to consider stake sale

tem_weekly_13Dec14_theedgemarkets

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KUALA LUMPUR (Dec 13): AMMB Holdings Bhd founder and chairman Tan Sri Azman Hashim said selling his stake in the financial services provider was something he has to think about, The Edge Malaysia business and investment weekly (Edge Weekly) reported in its latest December 15-21 issue.

Edge Weekly quoted Azman as saying in an interview he had to consider selling his 12.97% stake in AMMB as none of his children are in the business.

“At the end of the day, I guess I’ll have to think about that because I don’t have anybody coming up after me. 

"I don’t have my family in the banking group at all. But I never think about retiring, that’s the problem!” Azman said.

Azman is the third-largest shareholder in AMMB, Malaysia's fifth-largest banking group in terms of assets. His AMMB stake is held via Amcorp Group Bhd.

AMMB's largest shareholder is Australia and New Zealand Banking Group Ltd (ANZ), which owns a 23.78% stake. This is followed by Malaysia's Employees Provident Fund with 14.35%.

Edge Weekly reported that persistent speculation on potential stake sales by Azman or ANZ could lead to another banking industry merger in Malaysia.

The speculation comes at a time when the proposed merger of CIMB Group Holdings Bhd, RHB Capital Bhd and Malaysia Building Society Bhd (MBSB) has been in the spotlight. 

Should the CIMB-RHB-MBSB merger materialises, the combined entity will create Malaysia's largest banking group by assets. Malayan Banking Bhd is currently the nation's largest financial services entity by assets.

The Edge Weekly wrote : "The big question is, will Azman still be with the group (AMMB) when it ventures into its next stage of growth ?"

For a better understanding on Azman's plans in AMMB, kindly pick up and read the latest issue of the Edge Weekly.