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Announced

OCBC to acquire the remaining 11.56% stake in Great Eastern for $1.03bn.

Synopsis

OCBC, a banking and financial services corporation, offered to acquire the remaining 11.56% stake in Great Eastern, a life insurer, for $1.03bn. “The Offer is a natural progression of OCBC’s strategy. We have moved intentionally to build up a strong wealth management franchise by hiring the best people and instituting best practices and processes, and raising our investment in Great Eastern. We have been looking at opportunities to best use our capital and believe the Offer allows us to deploy our resources into a key business that is expected to be earnings accretive to OCBC,” Helen Wong, OCBC CEO.

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