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OCBC raises stake in insurance unit Great Eastern

OCBC has increased its stake in its insurance subsidiary, Great Eastern Holdings, from 87.9% to 88.4%, purchasing about 2.3 million shares at SGD16.99 each, amounting to a total of SGD39.9m, according to a regulatory filing. The move comes despite Great Eastern’s recent impact on OCBC’s performance, with the insurer reporting a 22% decrease in total weighted new sales to SGD390.9m for its fiscal Q1. However, OCBC’s Chairman, Andrew Lee, emphasised Great Eastern’s value within the banking group during the AGM, stating it is an asset to be built upon, and its benefits will also reflect in OCBC. Prior to the announcement, OCBC shares were 0.5% lower at SGD12.59, while Great Eastern shares rose by 0.9% to SGD17.20.


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