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RAM Ratings: Maybank’s full ownership of Maybank Ageas viewed as ratings neutral on Maybank and insurer
Published on 11 Aug 2026.
RAM Ratings views Malayan Banking Berhad’s (Maybank or the Group) proposed acquisition of the remaining 30.95% stake in Maybank Ageas Holdings Berhad as credit neutral for both entities. Maybank already holds a 69.05% stake in Maybank Ageas, which houses Etiqa’s life, family takaful and non-life businesses in Malaysia and Singapore. Maybank was last rated AAA/Stable/P1 on 19 December 2025 and Maybank Ageas at AA1/Stable/P1 on 23 December 2025.
The acquisition aims to deepen strategic and operational alignment between Maybank’s banking franchise and Maybank Ageas’ insurance and takaful platforms through an enhanced bancassurance framework, while providing greater flexibility to pursue growth across Southeast Asia. The closer integration is expected to build on Maybank’s extensive customer reach and regional distribution capabilities, supporting the expansion of its regional wealth business and reinforcing Maybank Ageas’ franchise strength.
Maybank will fund the proposed acquisition through a mix of internal and external funds. The RM4.83 bil purchase consideration, including the expected pre-completion dividend, will initially lower its group- and bank-level common equity tier-1 (CET-1) capital ratios. Nonetheless, we expect the impact to remain manageable, as this will be substantially mitigated by planned capital optimisation at Maybank Ageas and dividend upstreaming to Maybank. On a proforma basis, Maybank’s group- and bank-level CET-1 capital ratios are expected to ultimately ease to about 14% and 13%, respectively, upon completion (end-December 2025: 15.13% and 13.93%). These levels remain sound in our view, relative to Maybank’s risk profile and rating level.
Capital optimisation initiatives at Maybank Ageas will likely reduce capital levels at both the holding company and subsidiary levels, while increasing financial leverage at the holding company. These changes are not anticipated to materially weaken its financial profile. We expect Maybank Ageas to maintain healthy capital buffers ahead of Bank Negara Malaysia’s revised risk-based capital framework, scheduled for implementation in 2029, as the impact on insurers’ and takaful operators’ capital positions remains uncertain.
Analytical contacts
Loh Kit Yoong
(603) 2708 8285
kityoong@ram.com.my
Wong Yin Ching, CFA
(603) 2708 8280
yinching@ram.com.my
Sophia Lee
(603) 2708 8211
sophia@ram.com.my
Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@ram.com.my
The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.
RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.
Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.
Published by RAM Rating Services Berhad
© Copyright 2026 by RAM Rating Services Berhad
