Maybank to buy Ageas's 30.95% Etiqa stake for RM4.83 billion

Malayan Banking Bhd, Malaysia's largest lender, has agreed to buy Belgian insurer Ageas's 30.95% stake in Maybank Ageas Holdings Bhd for about RM4.83 billion ($1.2 billion), moving toward full ownership of Etiqa. Maybank already holds about 69% of the Southeast Asian insurer, and the transaction would leave it with 100% control once completed, subject to approval from Bank Negara Malaysia. The deal values Etiqa at roughly $4 billion and is expected to close in 2026. Ageas said it will book an estimated net capital gain after tax of about 450 million euros ($519 million), while Maybank said the purchase supports the next phase of growth in its insurance and takaful business across Southeast Asia. The price reflects a 1.98 times price-to-book multiple and 15.3 times price-to-earnings multiple after adjusting for a proposed RM800 million dividend, with RM248 million due to Ageas and RM552 million to Maybank. Etiqa operates across Malaysia, Singapore, the Philippines, Indonesia and Cambodia, and the acquisition is expected to boost Maybank's earnings, return on equity and capital management efficiency.