Maybank eyes listing of its insurance arm Etiqa

April 20 2018 by InsuranceAsia News Staff

Maybank is set to spin off and list its insurance arm Etiqa on the local stock exchange, according to people familiar with the development.

Etiqa has a presence in several countries in South-East Asia, including Malaysia, Singapore, the Philippines and Indonesia. It is estimated to be worth at least US$1 billion, two sources said in a Reuters report.

It is likely to have a bigger market value than insurance rival Syarikat Takaful Malaysia, which is valued at about US$700 million.

Etiqa owns 69% of Maybank Ageas Holdings while Ageas, the Brussels-based international insurer, holds the remainder. Maybank Ageas owns various Etiqa units.

A Maybank spokesman reportedly said the bank constantly evaluates value-creation opportunities that can benefit stakeholders but declined to comment on market talk about a spinoff.

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