Singapore lender OCBC calls off sale of Hong Kong Life Insurance

REUTERS/Edgar Su/Files

Singapore’s OCBC Bank said on Monday that a planned sale of Hong Kong Life Insurance to investment firm First Origin had been called off after the buyer failed to meet certain conditions before a Sep 30 deadline.

OCBC, via a subsidiary OWHB in Hong Kong, owns a third of the insurer – one of the last remaining independent life insurance businesses in Hong Kong. OWHB is one of five owners including Chong Hing Insurance Co Ltd, a unit of Chong Hing Bank Ltd.

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