Tuesday, December 12, 2017

Etiqa completes acquisition of Indonesian insurer

Maybank’s wholly-owned insurance arm Etiqa International Holdings has completed its acquisition of a 75% stake in Asuransi Asoka Mas, an Indonesian general insurance company, for M$64.9 million (US$15.35 million).

Maybank told Bursa Malaysia that Etiqa will acquire the stake from Transpacific Mutualcapita, which will keep the remaining 25% shareholding in Asuransi.

It said all relevant approvals, including those from Bank Negara Malaysia and Otoritas Jasa Keuangan of Indonesia, had been obtained.

Maybank already has life and general insurance operations in Singapore and the Philippines.

The recent acquisition is in line with the group’s insurance and Takaful business vision to be a leading regional insurance player, Maybank disclosed.

Asuransi Asoka Mas has nine branch offices and 28 representative offices throughout Indonesia.


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