KUALA LUMPUR (Sept 11): Malayan Banking Bhd (KL:MAYBANK) has bought the remaining 30.95% interest in Maybank Ageas Holdings Bhd, making it a wholly-owned subsidiary of the bank.
Maybank signed the share purchase agreement with Ageas Insurance International NV on Sept 8. Maybank Ageas is the holding company for Malaysian and Singaporean life and general insurance and takaful company Etiqa.
“With MAHB (Maybank Ageas Holdings Bhd) being a wholly owned subsidiary of Maybank, it strengthens Etiqa’s position as a national insurance and takaful companion, driving deeper penetration of Maybank’s customer base,” said president and group CEO of Maybank Datuk Khairussaleh Ramli in a statement on Friday.
This agreement comes after 25 years of partnership with Ageas. Moving forward, Maybank intends to expand Etiqa’s footprint across Southeast Asia, leveraging Maybank’s customer base.
Khairussaleh added that, following this purchase, Maybank will push for faster product innovation, expand takaful propositions and enhance operational efficiency across the group.
Maybank’s shares fell by 0.2% to RM10.44 per share on Friday, with a market capitalisation of RM126.3 billion.