Malaysia's leading bank is set to acquire the stake in Etiqa held by Ageas.

According to sources familiar with the matter, Malayan Banking Berhad is set to finalize a deal to acquire the minority stake in Etiqa held by Belgian insurer Ageas Group. Upon completion of this transaction, Malaysia's largest bank will have full ownership of this Southeast Asian insurance company. Sources indicate that this Kuala Lumpur-listed bank is commonly referred to as Malayan Bank, and it is currently in discussions with Ageas to finalize the transaction details, with a potential announcement as early as Monday. Due to the confidential nature of the negotiations, the sources requested anonymity. Currently, Malayan Bank holds a 69% stake in Etiqa, with the remaining shares held by Ageas. The stake owned by Ageas is valued at approximately $1.2 billion, suggesting an overall valuation for Etiqa of around $4 billion.