The acquisition is part of Oversea-Chinese Banking Corporation’s (OCBC) strategy to strengthen its core services. Credit: footageclips/Shutterstock.

Great Eastern Holdings has engaged EY to evaluate OCBC’s S$1.4bn ($1.03bn) acquisition offer, reported Bloomberg, citing sources.  

The offer, announced earlier this month, could potentially lead to OCBC increasing its stake in the Singapore-based insurer to 100% from the current 88.44%.  

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If successful, the acquisition would result in Great Eastern being delisted from the Singapore Exchange Securities Trading. 

EY’s role will be to assess the merits of the offer and advise Great Eastern’s board accordingly, the sources said.   

The acquisition is part of OCBC’s strategy to strengthen its core services, which include banking, wealth management and insurance.  

By fully integrating Great Eastern, OCBC aims to meet increasing demand for wealth management solutions in Asia. 

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Great Eastern, with a history dating back to 1908, boasts more than $100bn in assets and serves more than 16 million policyholders.  

It operates through various channels such as a tied agency force, bancassurance and a financial advisory unit.  

In response to the news agency’s queries, the insurer’s spokesperson stated: “We will be issuing a statement on this matter in due course.” 

EY declined to comment on the news, the publication added.  

The independent financial adviser’s opinion is particularly significant as this is OCBC’s third attempt to privatise the insurer after facing some resistance from minority shareholders.  

Great Eastern’s board is required to share the advisor’s opinion with its shareholders, enabling them to make an informed decision regarding the offer. 

OCBC has a long history with Great Eastern, having held a majority stake for more than two decades.  

The bank made previous attempts to increase its ownership in 2004 and 2006.  

In October 2023, Great Eastern expanded its reach in Malaysia by signing an agreement to acquire two insurance businesses through its subsidiaries, AMAB Holdings and MetLife International.