Great Eastern hires EY to assess OCBC's $1bn offer [Yahoo! Finance]
SINGAPORE EXCH UNSP/ADR (SPXCY)
NASDAQ:AMEX Investor Relations:
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Source: Yahoo! Finance
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. 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
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