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.

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