Maybank is pleased to announce that it has entered into a Sale and Purchase agreement (the "Agreement") with The Pacific Bank Berhad ("Pacific") today for the proposed acquisition of the banking business of Pacific (the "Proposed Transaction").
The Proposed Transaction will be effected through an acquisition of the assets and liabilities of Pacific relating to the banking business including three of Pacific's wholly-owned subsidiary companies, namely P.B. Holdings Sdn Bhd, Pacific Nominees (Tempatan) Sdn Bhd and Pacific Nominees (Asing) Sdn Bhd. Assets and liabilities of Pacific not related to the banking business shall be excluded from the Proposed Transaction and shall remain with Pacific. The excluded assets will include inter alia Pacific Insurance Bhd, Pacific Mutual Fund Bhd, P.B. Pacific Sdn Bhd, Pac Lease Sdn Bhd, Pacific Futures Sdn Bhd and Malaysian Trustees Berhad.
Based on the terms of the Agreement the consideration shall be at an indicative cash consideration of RM1.25 billion, subject to adjustments upon completion to reflect incremental value of the banking business since January 1, 2000. The consideration was arrived on a willing-buyer willing-seller basis after taking under consideration, among others, the due diligence performance by Maybank and the future earnings potential of Pacific's banking business.
The completion of the Proposed Transaction is subject to necessary regulatory and shareholder approvals. Pending completion, both Maybank and Pacific will continue to operate independently. Maybank will then merge the banking business of Pacific forming an enlarged financial institution with more than RM131 billion in total assets.
Maybank Managing Director Datuk Amirsham A Aziz said, "This transaction will allow the combined Group to enhance its banking services and to benefit from potential synergies through rationalisation and cross-selling to an enlarged customer base. The transaction and the contemplated merger are in tandem with Maybank's strategy to further strengthen its position as the pre-eminent financial services group.
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