Malayan Banking Bhd., which operates as Malaysia's biggest lender, is reportedly nearing an agreement to acquire a minority stake in the Southeast Asian insurer Etiqa from Belgian insurer Ageas SA. According to people familiar with the matter, the transaction would allow Malayan Banking Bhd. to take full ownership of the insurance firm.
While some sources indicate that Ageas has agreed to sell its stake in the Malaysia joint venture to the lender, others describe the parties as still approaching a final agreement. Ageas SA currently holds this minority interest through a joint venture in Malaysia.
The reported sale price for Ageas's stake in the Malaysia joint venture
If completed, the buyout of the minority share from the Belgian insurer will consolidate Etiqa's operations entirely under Malayan Banking Bhd.
