Great Eastern Holdings has engaged EY to evaluate OCBC’s S$1.4bn ($1.03bn) acquisition offer, reported Bloomberg, citing sources.  

The offer, announced earlier this month, could potentially lead to OCBC increasing its stake in the Singapore-based insurer to 100% from the current 88.44%.  

If successful, the acquisition would result in Great Eastern being delisted from the Singapore Exchange Securities Trading. 

EY’s role will be to assess the merits of the offer and advise Great Eastern’s board accordingly, the sources said.   

The acquisition is part of OCBC’s strategy to strengthen its core services, which include banking, wealth management and insurance.  

By fully integrating Great Eastern, OCBC aims to meet increasing demand for wealth management solutions in Asia. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Great Eastern, with a history dating back to 1908, boasts more than $100bn in assets and serves more than 16 million policyholders.  

It operates through various channels such as a tied agency force, bancassurance and a financial advisory unit.  

In response to the news agency’s queries, the insurer’s spokesperson stated: “We will be issuing a statement on this matter in due course.” 

EY declined to comment on the news, the publication added.  

The independent financial adviser’s opinion is particularly significant as this is OCBC’s third attempt to privatise the insurer after facing some resistance from minority shareholders.  

Great Eastern’s board is required to share the advisor’s opinion with its shareholders, enabling them to make an informed decision regarding the offer. 

OCBC has a long history with Great Eastern, having held a majority stake for more than two decades.  

The bank made previous attempts to increase its ownership in 2004 and 2006.  

In October 2023, Great Eastern expanded its reach in Malaysia by signing an agreement to acquire two insurance businesses through its subsidiaries, AMAB Holdings and MetLife International.