$ABMB (2488.MY)$ DBS Bank has not abandoned its acquisition of Allianz Bank (ABMB), aiming to complete the transaction before the next general election.
Singapore's DBS Group has not given up on acquiring Allianz Bank (ABMB 2488), with negotiations still ongoing.
Authoritative financial weekly THE EDGE cited sources as saying that Singapore’s largest financial group, DBS Group, has not abandoned its acquisition of Allianz Bank (ABMB, 2488, Main Board Financial Services Sector) and is currently advancing the deal through intergovernmental negotiations.
The Edge Weekly reported that a source said, “Some very high-level discussions are currently underway. Since the Malaysian government is seeking more concessions from the Singapore government regarding the Johor Bahru–Singapore Economic Zone, this matter has become a focal point of the negotiations.”
DBS Group hopes to complete the transaction before the next general election. The current cordial relations between the Malaysian and Singaporean governments are favorable for the merger and acquisition deal.
If the current government serves a full five-year term, the next general election will be held by December 2027.
Earlier this year, reports indicated that DBS Group intends to acquire a 29.06% stake in Allianz Bank from VERTICAL THEME SDN BHD.
However, the central bank has yet to approve DBS Bank's negotiation with VERTICAL THEME SDN BHD regarding the acquisition, hence there has been no progress in the deal.
Temasek, Singapore’s state-owned sovereign wealth fund, is DBS Bank's largest shareholder...

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