KUALA LUMPUR: Ambank (M) Bhd (AmBank) and Merchantrade Asia Sdn Bhd (Merchantrade Asia) have entered into a strategic partnership to launch a hybrid e-wallet, allowing users the benefit from an Islamic current account with a total combined limit of RM50,000.
KUALA LUMPUR (March 12): Moody s Investors Service has affirmed AmBank (M) Bhd s (AmBank) A3 long-term foreign currency deposit rating and AmBank s baa2 Baseline Credit Assessment (BCA), but revised its rating outlook to negative from stable, following its 1Malaysia Development Bhd (1MDB) settlement.
In a statement, Moody s said the rating action follows AMMB Holdings Bhd s (AmBank Group) RM2.83 billion settlement with the government of Malaysia in relation to its involvement with 1MDB. The affirmation of AmBank s A3 rating incorporates Moody s assessment of a very high likelihood of support from the government of Malaysia in times of need. This results in a two-notch uplift from the bank s baa2 BCA, based on AmBank Group s systemic importance as the sixth-largest banking group in Malaysia by assets, with AmBank as the group s main operating entity, it said.