OCBC Bank has increased its stake in Great Eastern Holdings to 93.72% to enhance operational synergies and better serve the wealth management sector in Singapore.

Information on the Target

Great Eastern Holdings (GEH), under the ownership of OCBC Bank, is a prominent player in the financial services industry, particularly within the insurance sector. As the insurance arm of OCBC, GEH plays a crucial role in the bank's strategy to enhance its wealth management capabilities across the region. The company's diverse portfolio includes life, health, and general insurance, catering to a wide range of customer needs.

Recently, OCBC has significantly increased its stake in GEH, reaching an ownership percentage of 93.72% as of October 2024. This escalation in investment aligns with OCBC's goal to optimize operational synergies and expand its market presence, providing customers with a more comprehensive suite of financial solutions.

Industry Overview in Singapore

The insurance sector in Singapore has shown robust growth, driven by increasing consumer demand for comprehensive financial protection solutions. The market has become highly competitive, with numerous players vyi