Maybank to Buy Remaining Stake in Insurance Unit For MYR4.83 Billion

By Ying Xian Wong

KUALA LUMPUR, Malaysia--Malayan Banking will acquire the remaining stake in its insurance unit, giving the lender full ownership of the business as it seeks to expand across Southeast Asia.

Malaysia's largest lender by market capitalization said Monday that it will buy the remaining 30.95% stake in Maybank Ageas from Ageas Insurance International for 4.83 billion ringgit, equivalent to $1.18 billion, subject to regulatory approval.

Ageas entered the Malaysian market in 2001 through a joint venture with Maybank and expanded the partnership into Singapore in 2014. Maybank Ageas is the parent company of Etiqa, which provides conventional insurance and Islamic insurance products in Malaysia and Singapore.

Maybank said the transaction is part of its five-year plan strategy to grow its insurance business, reach more customers and expand across the region. The bank expects the acquisition to immediately increase profit and shareholder returns while supporting longer-term growth.

The purchase price reflects a price-to-book multiple of 1.98 times and a price-to-earnings multiple of 15.3 times after adjusting for an 800 million ringgit dividend that Maybank Ageas plans to pay before completion, it said. The acquisition will be funded through a combination of internal and external financing, Maybank added.

Maybank Investment Bank and Morgan Stanley Asia (Singapore) are advising the lender on the transaction.

Write to Ying Xian Wong at yingxian.wong@wsj.com

(END) Dow Jones Newswires

August 03, 2026 01:52 ET (05:52 GMT)