(Bloomberg) -- Malayan Banking Bhd. is considering options including buying out Ageas SA’s minority stake in Etiqa as Malaysia’s biggest lender seeks to boost the value of the Southeast Asian insurer, according to people with knowledge of the matter.

Maybank, as the Kuala Lumpur-listed lender is known, may also seek to replace Belgium insurer Ageas with another minority investor, said the people, asking not to be identified as the deliberations are private. Maybank owns 69% of Etiqa, while Ageas holds the remaining 31%.

A potential deal could value Etiqa at as much as $4 billion, the people said. Other options include renegotiating existing bancassurance agreements to help distribute insurance products, they added.

Deliberations are ongoing and no final decisions have been made, the people said, adding that Maybank could decide against pursuing any transaction.

Representatives for Maybank, Ageas and Etiqa declined to comment.

Etiqa is profitable and has potential to grow in Malaysia and the region, Maybank Chief Executive Officer Khairussaleh Ramli said in an interview last year. The executive also ruled out a potential listing of the insurer.

With more than 10,000 agents and 44 branches, Etiqa offers both conventional and Shariah-compliant insurance products in Malaysia, Singapore, the Philippines, Indonesia and Cambodia, according to its website.

--With assistance from Ram Anand.

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