KUALA LUMPUR – Malayan Banking has agreed to buy out Belgian insurer Ageas’ minority stake in Etiqa, a move that would give Malaysia’s biggest lender full ownership of the South-east Asian insurer.
Maybank plans to buy the roughly 31 per cent stake in Etiqa owned by Ageas for about RM4.83 billion (S$1.5 billion), according to a statement on Aug 3.
The acquisition is subject to approvals from Bank Negara Malaysia, the country’s central bank. It’s expected to be completed in 2026, pending regulatory approvals, Ageas said in a separate statement.
Etiqa has more than 6,000 agents and 23 branches, offering both conventional and Shariah-compliant insurance products across multiple distribution channels in Malaysia, Singapore, the Philippines, Indonesia, and Cambodia, according to its website.
Ageas entered the Malaysian market in 2001 through a joint venture with Maybank, and expanded its operations into Singapore in 2014.
Etiqa has more than 6,000 agents and 23 branches, offering both conventional and Shariah-compliant insurance products across multiple distribution channels in Malaysia, Singapore, the Philippines, Indonesia, and Cambodia, according to its website.
Maybank had been considering options including buying out Ageas’s minority stake in Etiqa, people familiar with the matter had previously said. The deal would give the whole of Etiqa an overall valuation of roughly US$4 billion (S$5.1 billion), the people said.
Maybank shares have gained almost 4 per cent in 2026, giving the bank a market value of around US$32 billion. Ageas, based in Brussels, has climbed about 20 per cent this year, valuing the insurer at around US$17 billion.
Maybank will fund the buyout through internal and external funding sources, it said in a statement.
“This transaction represents an important milestone for Maybank in charting its insurance and Takaful business’ next growth phase across South-east Asia,” Maybank president and group chief executive Khairussaleh Ramli said. BLOOMBERG
