Malaysia's third biggest lender by assets, Public Bank, said on Thursday that it will acquire a 44.15% stake in general insurer LPI Capital for 1.72 billion ringgit ($400.5 million) in cash. Public Bank will acquire the stake from Consolidated Teh Holdings and the estate of the late Teh Hong Piow,

Malaysia’s second-largest lender by market value—said Thursday it is buying a 44.15% stake in LPI Capital from the family of its late founder Teh Hong Piow for $400 million.

It will first buy a 44.15% equity interest in the insurer for RM1.72b. Public Bank announced that it will be acquiring all shares of LPI Capital. The Malaysian bank announced that it will first buy a 44.