Oversea-Chinese Banking Corp. or OCBC (SGX:O39) is resolute in its attempt to takeover Great Eastern, calling the move an added advantage for the company, according to a media release on Thursday.
Andrew Lee, the chairman of the board believes that the move to privatize the insurer is the right strategy.
In May 2024, OCBC made a SG$1.4 billion bid to privatize Great Eastern after acquiring the remaining 11.56% stake at SG$25.60 per share.
The bank's stake was insufficient for it to compulsory acquire the remaining shares which resulted in the insurer losing its required 10% minimum free float.
However, the bank has now drawn out plans to delist the company from the Singapore Exchange.
The bank's diversified model, which already includes, insurance and asset and wealth management, aligns with the takeover, according to the chairman.
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