Malayan Banking Bhd (Maybank) has entered into an unconditional agreement to acquire Ageas Insurance International NV’s remaining 30.95% stake in Maybank Ageas Holdings Bhd (MAHB) for RM4.83 billion cash, paving the way for the banking group to take full ownership of its insurance and takaful business.
Maybank said it signed the share purchase agreement on Sept 8, 2026 with Ageas and its ultimate holding company, Ageas SA/NV, following approvals received from Bank Negara Malaysia on Sept 1.
The transaction involves 78.00 million MAHB shares, which will be acquired through Maybank’s wholly-owned subsidiary Etiqa International Holdings Sdn Bhd (EIHSB).
Upon completion, Maybank will effectively own 100% of MAHB, giving the banking group greater control over the future expansion of its Etiqa insurance and takaful franchise.
The deal follows an implementation agreement signed between Maybank and Ageas on Aug 3, which was conditional on receiving the necessary regulatory approvals.
The RM4.83 billion purchase consideration will be settled entirely in cash on completion.
As part of the transaction, MAHB will also distribute a RM799.99 million dividend to its existing shareholders on the completion date.
Of this, EIHSB will receive RM552.38 million, while Ageas will receive RM247.61 million.
EIHSB will additionally pay Ageas a RM34.17 million ticking fee, accrued from Aug 1 to Sept 11, the targeted completion date for the acquisition.
Maybank said full ownership of MAHB would allow it to strengthen the insurance and takaful business by deepening penetration among its existing and new banking customers.
