Malayan Banking Bhd (Maybank) is reportedly exploring several strategic options for its insurance subsidiary, Etiqa, which may include acquiring the minority stake currently held by Ageas SA, according to individuals familiar with the discussions.
As Malaysia’s largest bank, Maybank is evaluating ways to increase Etiqa’s market value in Malaysia and Southeast Asia.
Sources, who requested anonymity due to the sensitivity of the discussions, told Bloomberg that Maybank is considering whether to retain Ageas, a Belgian insurer, as its minority partner or to potentially replace it with a new investor.
Maybank currently owns 69% of Etiqa, while Ageas holds the remaining 31%.
The sources suggested that the potential valuation of Etiqa in a transaction could reach up to $4 billion, although these deliberations are ongoing, and no final decisions have been made.
In addition to a possible ownership restructuring, Maybank is also evaluating options to enhance its bancassurance arrangements to expand insurance distribution channels, according to Bloomberg.
Bancassurance agreements allow banks to market insurance products directly to their banking customers, a model that has gained traction in Malaysia’s competitive insurance industry.
Etiqa, which operates across Malaysia, Singapore, the Philippines, Indonesia, and Cambodia, has over 10,000 agents and 44 branches, offering both conventional and Shariah-compliant insurance options.
On a national scale, Invest Hong Kong (InvestHK) and officials from the Greater Bay Area (GBA) Development Office are encouraging Malaysian businesses to consider expanding into the Guangdong-Hong Kong-Macao GBA, using Hong Kong as an entry point to tap into the region’s market potential.
The seminar featured opening remarks by Yap Heng Or, vice president of the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM), followed by presentations from Maisie Chan, commissioner for GBA development, and Alpha Lau, director-general of investment promotion at InvestHK.
During her presentation, Chan highlighted the advantages Hong Kong offers under the “one country, two systems” arrangement, positioning it as a key gateway to the GBA’s vast opportunities.
Alpha Lau described Hong Kong’s role as an international business hub, noting that its stable legal and financial frameworks can support Malaysian and other international companies seeking GBA market access.
Lau also highlighted that Hong Kong’s policies are designed to facilitate smoother flows of capital, goods, and services across the region.
