KUALA LUMPUR, April 19 — Malayan Banking Bhd’s (Maybank) share price advanced two sen in early trade as the country’s biggest bank is preparing to spin off and list its Etiqa insurance arm on the local stock exchange.

Maybank's insurance business is held under Etiqa International Holdings Sdn Bhd, which owns 69.0 per cent of Maybank Ageas Holdings Bhd, while Ageas, a Brussels-based international insurer, holds the remaining stake.

It was also reported that Etiqa, which operates in Malaysia, Singapore, the Philippines and Indonesia, is estimated to be worth at least US$1 billion (RM3.89 billion).

At 9.47am, Maybank’s share price stood at RM10.62, with 3.03 million shares transacted. — Bernama