21 September 2016
Kuala Lumpur, 21 September 2016 - The Alliance Financial Group Berhad (“AFG”) today announced a Proposed Corporate Reorganisation exercise whereby the listing status of AFG will be assumed by its wholly-owned core subsidiary, Alliance Bank Malaysia Berhad (“Alliance Bank”).
The Proposed Corporate Reorganisation will involve, among others, the shareholders of AFG exchanging their existing AFG shares for Alliance Bank’s shares on a 1-for-1 basis, where their number of shares held and percentage shareholdings in AFG will be the same in Alliance Bank. This enables the existing shareholders of AFG to have direct participation in the equity and future growth of Alliance Bank. The proposed exercise is expected to improve cost and corporate efficiency, and enhance brand recognition for the Alliance Bank Group.
Alliance Investment Bank Berhad is the Principal Adviser for the Proposed Corporate Reorganisation. The exercise is expected to be completed by the second quarter of 2017.
This press release contains forward-looking statements. Although AFG believes that the expectations reflected in such future statements are reasonable at the date of the press release, there can be no assurance that such expectations will eventually materialise.
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ABOUT ALLIANCE FINANCIAL GROUP
The Alliance Financial Group, comprising Alliance Bank Malaysia Berhad, Alliance Investment Bank Berhad and Alliance Islamic Bank Berhad, is a dynamic, integrated financial services group offering banking and financial solutions through its consumer banking, business banking, Islamic banking, investment banking and stockbroking.
It provides easy access to its broad base of customers throughout the country via multi-delivery channels which include retail branches, Privilege Banking Centres, Islamic Banking Centres, Business Centres, Investment Bank branches and direct marketing offices located nationwide, as well as mobile and Internet banking.
With over five decades of proud history in contributing to the financial community in Malaysia with its innovative and entrepreneurial business spirit through its principal subsidiaries, the Group is committed to delivering the best customer experience and creating long-term shareholder value.
For more information on this press release, please contact Agnes Ong, Tel : (03) 2604 3378, Fax : 03-2604 3399 or e-mail: email@example.com