Maybank is moving ahead with its RM4.83 billion Ageas deal after securing Bank Negara Malaysia’s approval.
The bank signed an unconditional agreement on 8 September to acquire Ageas Insurance International’s remaining 30.95% stake in Maybank Ageas Holdings.
Maybank will carry out the acquisition through its wholly owned subsidiary Etiqa International Holdings, which currently owns 69.05% of the company.
The deal will give the bank full control of Etiqa’s insurance and takaful businesses in Malaysia and Singapore.
BNM granted the required approvals on 1 September. The Monetary Authority of Singapore had approved the transaction in March.
Maybank will fund the purchase entirely through internally generated funds.
It will also pay Ageas a RM34.17 million fee accrued from 1 August until the targeted completion date.
Maybank Ageas Holdings will distribute a RM799.99 million dividend to its existing shareholders upon completion.
Etiqa International Holdings will receive RM552.38 million, while Ageas will receive RM247.61 million.
The bank expects the acquisition to support its regional expansion and allow closer integration between its banking and insurance services.
The deal does not require approval from Maybank shareholders and is expected to be completed on 11 September 2026.
Featured image: Edited by Fintech News Malaysia, based on image by Theodore Nguyen via Pexels
