Maybank Consolidates Ownership of Etiqa in RM4.83 Billion Acquisition

Maybank has entered into an agreement to acquire the remaining 30.95% stake in Maybank Ageas Holdings Berhad (MAHB) from Ageas Insurance International NV. Valued at RM4.83 billion, the transaction will grant Maybank full ownership of the holding company, which oversees Etiqa’s insurance and takaful businesses across Malaysia and Singapore.

According to the original publisher, the purchase price represents 15.3 times earnings and is valued at 1.98 times book value. The deal accounts for an RM800 million dividend that MAHB is scheduled to pay upon the completion of the acquisition. From this dividend, Ageas is set to receive RM248 million, while Maybank will receive the remaining RM552 million.

Maybank currently holds a 69.05% interest in MAHB. By transitioning to full ownership, the bank aims to achieve greater flexibility in expanding its regional bancassurance, wealth management, and takaful service offerings. MAHB is currently recognized as the fourth-largest takaful provider in the world.

The transaction is expected to be immediately accretive to Maybank’s profit after tax and minority interests, as well as its earnings per share and return on equity. This move signifies a major consolidation of the bank's insurance arm, strengthening its position in the competitive financial landscape.

For Malaysian customers and investors, this consolidation highlights Maybank’s intent to deepen its footprint in the insurance and takaful sectors. As the firm integrates its full ownership, stakeholders can expect a more unified strategy across the bank's wealth and insurance products, potentially streamlining service delivery and regional growth for one of Malaysia's largest financial institutions.