Malaysia’s Malayan Banking (Maybank)’s insurance unit, Etiqa, is planning to submit a proposal to buy stake in Indonesia’s PT Mega Life Asuransi Jiwa.
Etiqa has already conducted preliminary talks with the Indonesian firm, Bloomberg reported citing undisclosed sources.
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PT Sinar Mas Multiartha Tbk (SMMA) and CT Corp, two stakeholders in Mega Life, are seeking to divest as much as 80% of the insurer for nearly $200m-$300m, the sources said.
Etiqa, which was formed as a result of the merger of several insurers and Islamic insurance firms since 2005, had assets of MYR28bn ($8.6bn) as of September 2013.
The unit distributes products through 23,000 agents, 30 insurance branches and over 450 Maybank branches, ATMs and third-party banks.
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