KUALA LUMPUR: RHB Bank

Bhd has applied to Bank Negara Malaysia (BNM) for an extension of time to conclude negotiations with Tokio Marine Asia Pte Ltd over a proposed insurance business transaction.

In a filing with Bursa Malaysia, RHB Bank said the application was submitted on Oct 16 to allow both parties to continue discussions and finalise the transaction terms and documentation.

The proposed transaction involves the disposal of up to 100% equity interest in RHB Insurance Bhd to Tokio Marine Asia, followed by the integration of Tokio Marine Insurans (Malaysia) Bhd and RHB Insurance into an enlarged entity.

Under the proposal, RHB Bank would retain an equity interest of up to 35% in the integrated entity.

The bank said both parties had made meaningful progress, including ongoing due diligence reviews and negotiations on key commercial terms and transaction documentation.

BNM had previously granted approval on May 11, 2026, for RHB Bank to commence negotiations with Tokio Marine Asia.

RHB Bank said further developments would be announced in due course.