KUALA LUMPUR: Malayan Banking Bhd
(Maybank) has entered into an unconditional share purchase agreement (SPA) with Belgium-based Ageas Insurance International NV to acquire the remaining 30.95 per cent equity interest in Maybank Ageas Holdings Bhd (MAHB) for RM4.83 billion.
In a filing with Bursa Malaysia today, Maybank said the agreement involves acquiring 78 million MAHB shares from Ageas.
The banking group said it signed the SPA today after receiving approval from Bank Negara Malaysia (BNM) on Sept 1, 2026, and that the purchase consideration will be funded entirely through internally generated funds.
Maybank said the proposed acquisition is intended to enable it to wholly own MAHB and provide the group with greater strategic flexibility.
"The acquisition is also aimed at strengthening MAHB’s position as a national insurance and takaful player, supporting expansion across Southeast Asia, enhancing sustainable and resilient long-term value for the Maybank group, and improving capital management efficiency across its insurance and takaful franchises.
"Full ownership of MAHB is expected to provide both Maybank and MAHB with greater strategic agility to accelerate product innovation, deepen bancassurance penetration, expand takaful propositions, and enhance capital and operational efficiency across the insurance and takaful franchises,” it said.
Barring unforeseen circumstances, Maybank said that the proposed acquisition is expected to be completed on Sept 11, 2026.
Maybank Investment Bank Bhd has been appointed as the principal adviser, while Morgan Stanley Asia (Singapore) Pte has been appointed as its international financial adviser. - Bernama
