Singapore-based OCBC has entered an agreement to sell its entire stake in a Hong Kong insurer.
OCBC Hong Kong has entered into an agreement to sell its entire 33.3 percent stake in Hong Kong Life Insurance to Chinese multinational Yue Xiu Enterprises, according to a statement. The deal, subject to regulatory approval, is valued at HK$589.3 million ($75.9 million).
As of 31 December 2023, Hong Kong Life had a net asset value of over HK$1 billion.
The transaction is not expected to have a material impact on OCBC’s net tangible assets or earnings per share.
