KUALA LUMPUR, Aug. 22 (Xinhua) -- Malaysia's RHB Bank and AmBank Group announced Tuesday that a mutual agreement was reached to end discussions on the proposed merger of the two banking groups.
"After much discussion and deliberation, RHB Bank and AmBank Group were not able to reach an agreement on mutually acceptable terms and conditions for the proposed merger," both parties said in a joint statement.
With the cessation of the merger discussions, the exclusivity period pursuant to the exclusivity agreement entered into between both parties on June 1 will automatically lapse immediately, according to the statement.
RHB Bank is Malaysia's fourth largest bank by assets while Ambank ranks sixth. The two banks previously have obtained Malaysian central bank's approval to begin discussions for a merger that would create the country's fourth largest bank.
