Great Eastern Holdings, the insurance subsidiary of OCBC Bank, is selling its Vietnam business to FWD Life Insurance Company (Bermuda) for $48.2 million.
FWD Life Insurance is part of the FWD Group, the insurance business arm of Asia-based investment group, Pacific Century Group.
Khor Hock Seng, Group CEO, Great Eastern Holdings, says: “Our decision was made after a comprehensive strategic review. We will be increasing our focus to grow core markets of Singapore and Malaysia where we are among the market leaders, as well as our business in Indonesia and Brunei.
The divestment will be completed on or about June 21.
“As part of the transaction, FWD will honour all in-force policies. We will work with them to ensure a smooth transition for our customers and our employees,” adds Khor.
Shares of Great Eastern closed 1.2% lower at $21.50 on Monday.
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FWD Life Insurance is part of the FWD Group, the insurance business arm of Asia-based investment group, Pacific Century Group.
Khor Hock Seng, Group CEO, Great Eastern Holdings, says: “Our decision was made after a comprehensive strategic review. We will be increasing our focus to grow core markets of Singapore and Malaysia where we are among the market leaders, as well as our business in Indonesia and Brunei.
The divestment will be completed on or about June 21.
“As part of the transaction, FWD will honour all in-force policies. We will work with them to ensure a smooth transition for our customers and our employees,” adds Khor.
Shares of Great Eastern closed 1.2% lower at $21.50 on Monday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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