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A&O Shearman advises Ageas on EUR 1.1 billion sale of its stake in Maybank Ageas Holdings Berhad

A&O Shearman advises Ageas on EUR 1.1 billion sale of its stake in Maybank Ageas Holdings Berhad
Published Date
Aug 6 2026
Related people
Image of David Norman
David NormanPartner, Hong Kong SAR
Image of Yan Yu (Mona) Yip
Yan Yu (Mona) YipSenior Associate, Hong Kong SAR
Image of Eugean Lo
Eugean LoAssociate, Hong Kong SAR
Image of Edward Taylor
Edward TaylorPartner, Hong Kong SAR
Image of Fares Nowak
Fares NowakSenior Associate, Hong Kong SAR
Image of Harrison Chung
Harrison ChungAssociate, Hong Kong SAR
Image of Shuhui Kwok
Shuhui KwokPartner, Singapore
Image of Kimberly Lee
Kimberly LeeAssociate, Singapore
A&O Shearman has advised Ageas Insurance International NV (Ageas) on the sale of its 30.95% stake in Maybank Ageas Holdings Berhad (MAHB) to its joint venture partner Malayan Banking Berhad (Maybank) for a total cash consideration of EUR 1.1bn (approximately RM5.63bn).
Ageas is a Belgium-headquartered listed international insurance group offering life and non-life insurance products to retail and business customers, as well as reinsurance services. Ageas entered the Malaysian insurance market in 2001 through its partnership with Maybank and later expanded into Singapore under the Etiqa brand. Etiqa is a market leader in Malaysia’s insurance and takaful sector. The transaction enables Ageas to realize the value created through the partnership over the past 25 years. Completion of the transaction remains subject to regulatory approvals, including approval from Bank Negara Malaysia.

“The transaction represents a significant milestone for both Ageas and Maybank on their respective journeys in the dynamic Southeast Asian insurance market. We were delighted to support Ageas on this strategic divestment, drawing on our multidisciplinary expertise to advise on the international M&A, capital markets, and regulatory aspects of this significant cross-border insurance transaction. The transaction demonstrates the depth of our insurance M&A capabilities in Asia-Pacific and our ability to deliver seamless advice on complex transactions across the region.”

The A&O Shearman team was led by Hong Kong based Corporate M&A partner David Norman, supported by senior associate Mona Yip and associate Eugean Lo, with additional input from arbitration partner Ed Taylor, supported by senior associate Fares Nowak and associate Harrison Chung. Regulatory advice was provided by Singapore-based partner Shuhui Kwok and associates Kimberly Lee and Elizabeth Chin.

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