CIMB Group rules out following Maybank into insurance ownership
KUALA LUMPUR: CIMB Group Holdings Bhd has no intention of following Malayan Banking Bhd (Maybank) down the insurance ownership path, preferring instead to stick with the bancassurance model it has relied on for years.
CIMB Group Holdings Bhd has ruled out following Maybank into the insurance ownership space, preferring to continue with its bancassurance model. The group's CEO, Novan Amirudin, stated that Maybank had exited the insurance business years ago and that CIMB remains comfortable with its partnership-led approach. The bank has already partnered with Sun Life for life insurance, and sells multiple Banca products in Singapore, eliminating the need for acquiring another insurance business.
Maybank recently announced plans to acquire Ageas Insurance International NV's remaining stake for RM4.83 billion, making it the sole owner of the insurance and takaful business. This move aligns with Maybank's ROAR30 strategy to deepen its presence in existing customer bases and expand its insurance, bancassurance, and wealth propositions across Southeast Asia.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
