Malayan Banking Bhd (Maybank) has reached an agreement to acquire the roughly 31 percent stake held by Belgian insurer Ageas in Etiqa, a move that will make Maybank the sole owner of the South-east Asian insurer. The deal is valued at approximately RM4.83 billion (S$1.5 billion) and is subject to regulatory approval by Bank Negara Malaysia, with completion expected in 2026.

Etiqa, a regional insurance company, operates across multiple countries in South-east Asia including Malaysia, Singapore, the Philippines, Indonesia, and Cambodia. It offers a range of insurance products through more than 6,000 agents and 23 branches, covering both conventional and syariah-compliant offerings. Ageas first entered the Malaysian market in 2001 via a joint venture with Maybank and later expanded into Singapore in 2014.

Maybank has been exploring options to consolidate its ownership of Etiqa, and this acquisition aligns with the bank’s strategy to deepen its presence in the insurance and takaful sectors across the region. Maybank president and group chief executive, Khairussaleh Ramli, described the transaction as a key milestone in the institution’s insurance business growth.

The transaction values the entire Etiqa group at an estimated US$4 billion (S$5.1 billion). Maybank plans to finance the buyout through a combination of internal and external funding sources. The announcement follows a strong performance by Maybank’s shares this year, which have risen by nearly 4 percent, bringing the bank’s market capitalization to approximately US$32 billion. Meanwhile, Ageas’s shares have gained about 20 percent in 2026, valuing the Belgian insurer at around US$17 billion.

Ageas and Maybank have confirmed the terms of the deal through separate statements, emphasizing the strategic importance of the transaction for the future growth of Etiqa and the broader South-east Asian insurance market.