Malayan Banking Bhd. (Maybank) is close to acquiring Belgian insurer Ageas SA's minority stake in Etiqa, potentially giving Malaysia's largest lender full ownership of the Southeast Asian insurer, according to sources familiar with the matter.

The deal, which could be announced as soon as Monday, would value Ageas's remaining stake at approximately US$1.2 billion, implying a total valuation of around US$4 billion for Etiqa. Maybank currently holds 69% of Etiqa, while Ageas owns the remainder. Details are still being finalized, and no final decisions have been made.

Etiqa operates across multiple markets including Malaysia, Singapore, the Philippines, Indonesia, and Cambodia, with over 6,000 agents and 23 branches offering both conventional and Shariah-compliant insurance products. Maybank shares have risen nearly 4% this year, valuing the bank at roughly US$32.2 billion, while Ageas has gained 20%, reaching a market value of US$17.7 billion.

Representatives for Maybank, Etiqa, and Ageas did not respond to requests for comment.