Malayan Banking Bhd. (Maybank), Malaysia’s largest lender, is exploring strategic options for its insurance arm, Etiqa. These options include potentially acquiring Ageas SA’s 31% minority stake in Etiqa. Alternatively, Maybank might seek to replace Ageas with another minority investor.
Etiqa, a Southeast Asian insurer, could be valued at as much as $4 billion in a potential deal. Maybank currently holds a 69% ownership stake in Etiqa. The deliberations are ongoing, and Maybank has not made any final decisions, reserving the right to not pursue any transaction.
Etiqa operates in Malaysia, Singapore, the Philippines, Indonesia, and Cambodia, offering conventional and Shariah-compliant insurance products through a network of over 10,000 agents and 44 branches. While Etiqa is profitable and has growth potential, Maybank Group CEO Khairussaleh Ramli had previously ruled out a potential listing for the insurer.
