Bank Maybank Indonesia and Bank OCBC NISP are reshuffling their ownership structures in Indonesia as their respective parent groups move to comply with the country’s new financial conglomerate regulations.
Maybank Indonesia seeks controlling stake in Etiqa
Bank Maybank Indonesia plans to acquire a controlling stake in Asuransi Etiqa Internasional Indonesia (AEII) from an affiliate as the Malaysian banking group reorganises its Indonesian operations to comply with new financial conglomerate regulations.
In a disclosure filed with the Indonesia Stock Exchange (IDX), Maybank Indonesia said it intends to purchase 191.25 million Class A shares and 790.14 million Class B shares in AEII from Malaysia-based Etiqa International Holdings Sdn Bhd, representing 51% of the insurer’s issued and paid-up capital.
The bank did not disclose the value of the proposed transaction.
Following the exercise, AEII will be controlled by Maybank Indonesia rather than directly by Etiqa International Holdings, although both entities remain part of the broader Maybank Group.
Maybank said the proposed acquisition forms part of an internal reorganisation following the implementation of Financial Services Authority (OJK) Regulation No. 30/2024 on financial conglomerates and financial conglomerate holding companies.
The move is expected to consolidate Maybank’s banking and insurance operations in Indonesia under a single local financial conglomerate structure. Etiqa International Holdings serves as the group’s regional insurance holding company, overseeing insurance businesses across several Southeast Asian markets, including Indonesia, Singapore, the Philippines and Cambodia.
The transaction remains subject to approval by OJK and the shareholders of both Maybank Indonesia and AEII.
AEII traces its roots to Asuransi Asoka Mas, which Etiqa International Holdings acquired in 2017, before it was rebranded as Asuransi Etiqa Internasional Indonesia two years later.
Maybank Indonesia said the planned acquisition is not expected to have a material impact on its operations, financial condition, or business continuity.
OCBC NISP to acquire 20% stake in Great Eastern Life
Bank OCBC NISP has signed an agreement to acquire a 20% stake in Great Eastern Life Indonesia (GELI) from its parent group as part of efforts to align its Indonesian operations with new financial conglomerate regulations.
In a filing to the Indonesia Stock Exchange, the bank said it entered into a conditional shares purchase agreement with Singapore-based Great Eastern Life Assurance Company Limited (GEL) in early June. Under the proposed transaction, OCBC NISP will acquire a 20% stake in GELI, subject to the fulfilment of certain conditions and regulatory approvals.
The transaction is valued at approximately 201.98 billion rupiah and will be funded entirely through the bank’s internal resources.
The move will bring the Indonesian insurance unit under the local conglomerate framework, with OCBC NISP acting as the Operational Financial Conglomerate Holding Company (PIKK), while Great Eastern Life Indonesia becomes a member of the financial conglomerate.
The proposed acquisition is an intra-group transaction involving entities within the OCBC Group. Great Eastern Life Assurance Company, one of Southeast Asia’s largest insurers and a subsidiary of Singapore-listed Great Eastern Holdings, currently owns GELI. Great Eastern Holdings itself is majority-owned by OCBC Group.
Following completion of the transaction, OCBC NISP will directly hold 20% of GELI’s shares, including one preference share that grants the bank control rights over the insurer. As a result, the bank will become GELI’s controlling shareholder despite holding a minority economic stake.
