Malaysia's Maybank has agreed to acquire Belgian insurer Ageas' remaining 30.95% stake in Maybank Ageas Holdings for RM4.83bn ($1.18bn), giving the bank full ownership of Etiqa's insurance and takaful businesses in Malaysia and Singapore.
The transaction will see Malaysia's largest lender acquire full control of Maybank Ageas Holdings, which owns Etiqa's life, general insurance and takaful operations.
The acquisition is expected to be completed by the end of the current quarter, subject to approval from Bank Negara Malaysia.
Maybank said full ownership would enable it to better integrate insurance and takaful products across its regional banking network and improve capital management, while supporting its long-term growth strategy.
The deal also marks the end of Ageas' shareholding in the Malaysian joint venture, following a partnership that has spanned more than a decade.