Great Eastern to buy Malaysia insurance business from AMMB, MetLife for $256 mln (updated)

Great Eastern Holdings

02/10/2023 12:57

(Adds details and background on deal in paragraphs 2 to 5)
       Oct 2 (Reuters) - Singapore insurer Great Eastern
Holdings  GELA.SI  said on Monday it agreed to buy Malaysian
insurance businesses jointly owned by AMMB Holdings Bhd
 AMMB.KL  and MetLife International for 1.21 billion ringgit
($256.63 million).
    Under the deal, Great Eastern, a unit of Overseas-Chinese
Banking Corp  OCBC.SI , will buy AmMetLife Insurance and
AmMetLife Takaful, the company said in a statement. 
    The deal also involves an exclusive twenty-year distribution
partnership for its life insurance and family Takaful products
via the distribution network of AMMB's banking subsidiaries,
Great Eastern said.
    In early August, AMMB had announced the start of preliminary
discussions with Great Eastern related to the acquisition. 
        The deal is subject to regulatory approvals from Bank
Negara Malaysia, along with the finance ministry of Malaysia,
and the Monetary Authority of Singapore.
         
  
     
  
 
($1 = 4.7150 ringgit)

 (Reporting by Poonam Behura in Bengaluru; Editing by Shailesh
Kuber)
 ((Poonam.Behura@thomsonreuters.com;))