Maybank eyes listing of its insurance arm EtiqaApril 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.
- August 13
It has reportedly started the process of selling up to 4% of SBI General Insurance.
- August 3
Hong Kong billionaire Richard Li is reportedly weighing the possibility of listing away from home.
- August 1
The group is reportedly considering an offering in the Lion City as an alternative to listing in Hong Kong.
- August 1
The issue will involve a sale of shares by Punjab National Bank, MetLife and other institutional shareholders.