In a filing with Bursa Malaysia yesterday, AMMB emphasised that the talks are still at a very early stage and there is no certainty that a definitive agreement will take place at this juncture.

The group added that such discussions are “an ordinary part of our business review”.

Bloomberg News reported on Monday that Great Eastern, a subsidiary of the Oversea-Chinese Banking Corporation, is in talks to acquire AmMetLife.

Great Eastern is reportedly conducting due diligence on AmMetLife and is seeking regulatory approval to clinch the deal.

The agreement could be finalised within the next few months, the sources claimed.

AmMetLife, which is jointly owned by US-based MetLife Inc and AMMB, could be valued at between US$250 million (RM1.12 billion) and US$300 million (RM1.34 billion) following the potential transaction.

Great Eastern has been interested in acquiring AmMetLife since last year, according to Bloomberg, despite Zurich Insurance Group AG emerging then as the frontrunner to buy a majority stake.

“Accordingly, any and all announcements related to this matter will be made in strict accordance with the Main Market Listing Requirements of Bursa Malaysia Securities Bhd,” said AMMB.

MetLife and AMMB teamed up to form their Malaysian insurance partnership AmMetLife in 2014. Both groups allegedly began to explore the potential divestment of the business in 2020.

Founded in 1908, Great Eastern has more than S$100 billion (RM334.5 billion) in assets and over 14.5 million policyholders, according to its website.

As at 4.14pm, AMMB’s share price was down 6 sen or 1.57% at RM3.77, giving it a market capitalisation of RM12.49 billion.