Malayan Banking Bhd (Maybank) has announced a significant move to acquire the remaining 30.95% stake in Maybank Ageas Holdings Bhd from Belgium-based Ageas Insurance International NV. This RM4.83 billion deal will grant Malaysia’s largest lender full ownership of Etiqa, a prominent insurance and takaful provider operating across Malaysia and Singapore. The transaction, which follows a 25-year joint venture partnership, is currently awaiting approval from Bank Negara Malaysia and is expected to be finalized by the end of the third quarter of 2026.
For Maybank, the acquisition is a strategic step in its five-year 'ROAR30' growth plan. By moving to sole ownership, the bank aims to integrate its banking and insurance services more deeply, targeting its existing base of 14 million customers. Currently, only about 24% of these customers hold an Etiqa policy, leaving significant room for cross-selling and expanded market penetration. The bank expects the deal to be immediately accretive to its earnings and return on equity, helping to streamline operations and improve capital management.
While the move marks the end of a long-standing partnership with Ageas, Maybank leadership views this as the natural next phase for its insurance business. The bank plans to leverage digital platforms like MAE and Etiqa+ to offer more personalized solutions and reduce operating costs. As the deal progresses, the focus will shift toward regulatory compliance and the successful integration of Etiqa’s full suite of life, general, and takaful products into the broader Maybank ecosystem.