Malayan Banking Bhd (Maybank) has received approval from Bank Negara Malaysia (BNM) to acquire the remaining 30.95% stake in Maybank Ageas Holdings Bhd, the holding company of Etiqa’s insurance and takaful businesses, for RM4.83 billion.
Following BNM’s approval on 1 September 2026, Maybank announced that it had signed an unconditional share purchase agreement with Belgian insurance group Ageas to complete the acquisition.
The deal, first announced on 3 August 2026, will be fully financed using Maybank’s internally generated funds.
Maybank currently owns 69.05% of Maybank Ageas through its subsidiary, Etiqa International Holdings Sdn Bhd. Once the acquisition is completed, Maybank Ageas will become a wholly-owned subsidiary of the banking group.
Maybank Ageas oversees Etiqa’s insurance and takaful operations in Malaysia and Singapore, offering life and general insurance, as well as family and general takaful products.
Maybank said gaining full ownership would provide greater flexibility to strengthen its insurance and takaful businesses.
The acquisition is expected to support faster product development, expand bancassurance services, strengthen takaful offerings and improve operational efficiency.
The RM4.83 billion purchase price includes adjustments relating to an RM800 million dividend that Maybank Ageas will distribute upon completion of the transaction.
Of this amount, Ageas will receive RM248 million, while Maybank will receive RM552 million.
According to Maybank, the acquisition values Maybank Ageas at 1.98 times its book value and 15.3 times its earnings.
The transaction was expected to be completed on 11 September 2026.
Following the acquisition, Maybank’s net assets per share are projected to decrease from RM7.73 to RM7.19, based on its financial position at the end of December 2025.
The group’s total borrowings are expected to increase from RM44.24 billion to RM45.54 billion, while its gearing ratio is projected to rise from 0.47 times to 0.52 times.
Meanwhile, Maybank shares declined two sen, or 0.19%, to RM10.56 during Tuesday’s midday trading session, giving the banking group a market capitalisation of approximately RM127.73 billion.
The acquisition represents a significant step in Maybank’s strategy to strengthen its insurance and takaful operations, allowing the group to exercise full control over Etiqa’s future business development and expansion.
