Malaysia’s largest banking group has agreed to sell 30% of its insurance businesses to Dutch/Belgian financial services company Fortis. Bank Negara Malaysia will now work with Fortis to develop a bancassurance presence in the country.

Trading under the “Maybank” brand, the new operation will bring valuable expertise and experience into the country.

Fortis CEO Anton van Rossum said in Kuala Lumpur that the joint venture fits in with Fortis’ strategy to expand its activities in Asia. “In Europe, Fortis has been very successful in integrating insurance and investment activities into its retail banking operations. Our objective is to implement this knowledge and experience in partnership with major retail banks in Asia.”