FINANCIAL SERVICES | Staff Reporter, Singapore

Great Eastern in talks to sell Malaysian arm to provident fund

It could also turn to IPOs if no transaction is reached.

Deal Street Asia reports that Singapore-based insurer Great Eastern Holdings, the insurance arm of OCBC Bank, is in discussions with Malaysia’s Employees Provident Fund (EPF) and Retirement Fund Inc (KWAP) regarding the sale of a minority stake in the latter’s Malaysian insurance unit.

According to DBS Vickers Securities, OCBC holds 87.75% of Great Eastern, which contributes an estimated 15% to OCBC Group’s EBITDA as at September 2017.

Data compiled by Willis Towers Watson indicates that the EPF has assets under management estimated at $165.4b.

Read more the full report here

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