August 5, 2012

Great Eastern is trying to expand to HK?

Great Eastern, an insurer controlled by Singapore's Oversea-Chinese Banking Corp (OCBC), has made a bid for Hong Kong Life Insurance Ltd, two people familiar with the matter said yesterday.
The Hong Kong-based life insurance company, owned by some of the city's oldest banks, has been searching for a buyer since early this year, the people said, asking not to be identified as the information is private.
Great Eastern may wind up buying a stake in the insurer, which is worth between US$200 million and US$300 million in its entirety, one person said. Partnering Hong Kong Life would help Great Eastern establish a presence in the city by selling insurance and investment-linked products through 180 bank branches.

Read full text: http://www.businesstimes.com.sg/premium/companies/others/great-eastern-seeking-stake-hk-insurer
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