Maybank is reportedly exploring a potential buyout of Ageas SA’s 31% minority stake in Etiqa, according to Bloomberg. The bank already holds a 69% stake in the insurer.
Sources familiar with the discussions noted that Maybank is weighing other strategic alternatives.
This includes replacing Ageas with a new partner or renegotiating agreements tied to bancassurance to expand the insurer’s product distribution network.
If a transaction is pursued, Etiqa could be valued at around US$4 billion.
Discussions are still in early stages, and Maybank has not made any final decisions. The bank may also choose to hold off on any significant changes.
Etiqa provides both conventional and Shariah-compliant insurance solutions across markets including Malaysia, Singapore, Indonesia, Cambodia, and the Philippines.
The company operates through an extensive network comprising over 10,000 agents and 44 physical branches.
In a 2023 interview, Maybank President and CEO Datuk Khairussaleh Ramli described Etiqa as a profitable enterprise with significant growth potential within Malaysia and neighboring markets.
He also dismissed the idea of listing the insurer at that time.
Representatives from Maybank, Ageas, and Etiqa declined to comment on the ongoing discussions.
Featured image credit: Edited from Freepik
