Malayan Banking Bhd (Maybank), Malaysia’s biggest bank, is preparing to spin off and list its Etiqa insurance arm on the local stock exchange, sources with knowledge of the matter said on Wednesday.
Etiqa, which operates in Malaysia, Singapore, the Philippines and Indonesia, is estimated to be worth at least $1 billion, two sources said. It would have a bigger market value than insurance peer Syarikat Takaful Malaysia Bhd, which is valued at about $700 million.
