OCBC Wing Hang Bank aborts sale of 33.3% stake in Hong Kong Life Insurance

SINGAPORE (Oct 1): Oversea-Chinese Banking Corporation (OCBC Bank) says the sale of its 33.33% stake in Hong Kong Life Insurance has been terminated.

Wholly owned subsidiary OCBC Wing Hang Bank, together with the other sellers, terminated the sale as the closing conditions were not satisfied by the long stop date of Sept 30, provided for under the terms of the share sale agreement.

Last March, OCBC Bank announced OCBC Wing Hang Bank had entered into an agreement to sell its 33.33% stake in the capital of Hong Kong Life Insurance to First Origin International.

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