KUALA LUMPUR (April 30): AMMB Holdings Bhd's unit, AMAB Holdings Sdn Bhd and MetLife, Inc.'s unit, MetLife International Holdings, Inc. today announced the completion of their strategic partnership.

AMMB Holdings obtained regulatory approvals on April 01 and the stock purchase agreement was inked on April 28, in the presence of Prime Minister Datuk Seri Najib Tun Razak and the United States President Barack Obama.

MetLife now owns 50 per cent plus one share in AmLife Insurance Bhd, with the remaining shares held by AMMB Holdings, which also owns 50 per cent plus one share in AmFamily Takaful Bhd, with the remaining shares owned by MetLife.

"The total consideration paid by MetLife is RM812 million, equivalent to US$249 million, subject to customary adjustments," it said in a statement today.

AMMB Holdings said that the transaction was the largest of its type by a United States insurance provider in Malaysia.

"The ultimate aim is to enhance our value proposition to customers by meeting their evolving needs with relevant and innovative solutions, and thereby expanding market share," AmBank Group and AmLife Insurance Bhd Chairman Tan Sri Azman Hashim said.

MetLife, Asia, President Christopher Townsend said, the partnership delivers on its high growth market strategy, adding scale and reach to the fast-growing markets of South East Asia.

"We are excited about the prospects of this partnership to re-energise life assurance in Malaysia," he added.