RHB Capital begins talks with Allianz

Kuala Lumpur, 8 July 2003-RHB Capital Berhad (RHB Capital) wishes to announce that Bank Negara Malaysia (BNM) has granted in-principle approval for RHB Capital to begin merger talks with Allianz Aktiengesellschaft (Allianz AG) (NYSE: AZ) in terms of non-banking business opportunities in Malaysia.

RHB Capital would like to stress that this is preliminary, and that final approval from the relevant regulatory authorities would be required prior to concluding negotiations and entering into any subsequent agreement with Allianz AG.

Executive Chairman of RHB Capital, Dato Sri Sulaiman Abdul Rahman Taib, said "Allianz is a good strategic partner to have. Their vast experience in global financial markets could assist us in introducing new products and services within our group -- in tandem with global market practices and development. This is a prime example of our long-term plans to become a top global financial services player, and ultimately benefit our stakeholders."

Issued by RHB Public Affairs & Communications. For more details, contact Yeoh Guan Jin at Tel: 9280 2536 or Ogilvy PR , Ms. Chong Eerong at tel: 2718 8288

A regional leader in financial services, the RHB Group (KLSE: RHB) offers innovation and experience in investment & commercial banking, insurance, leasing, stock broking & derivatives, finance, research & analysis, asset management and unit trust. The Group has earned numerous awards by industry observers, including recent recognition by Asia money Awards as "The Best Domestic Equity House in Malaysia" for 2003. Today, our professional staff serves corporate and individual customers via a network of almost 300 branch offices in Malaysia, Brunei, Thailand and Singapore