We refer to the announcement dated 27 November 2013, in relation to the establishment of Etiqa Pte Ltd as a wholly owned subsidiary of Maybank Ageas Holdings Berhad ("MAHB") and a subsidiary  of Etiqa International Holdings Sdn Bhd and Malayan Banking Berhad ("Maybank").

Maybank wishes to announce that on 7 March 2014, MAHB, an indirect subsidiary of Maybank, had received the conditional approval from Monetary Authority of Singapore (“MAS”) for the application to set up an insurance company as a direct insurer to carry on life and general business in Singapore. 

MAS is the Singapore relevant authority who is responsible in issuing approval for any party who desires to carry on insurance business in Singapore as an insurer, in pursuant of Section 8 of the Singapore Insurance Act (Cap. 142).