The final attempt by foreign banking companies will be on Tuesday to bid for a S$900 million (S$704 million) bid (S$704 million (US$704 million) that is Singapore’s second largest lender to take over the insurance company.
OCBC accounts for only 6.28% of full ownership, while Big Oriental’s minority shareholders will vote at an extraordinary general meeting of shareholders whether to set the 117-year-old company apart and raise the bank’s bid. If rejected, OCBC’s so-called “exit offer” will fail, paving the way for insurance companies to resume transactions.
The acquisition of Big Oriental, one of the largest insurers in Singapore and Malaysia, will boost OCBC CEO Helen Wong’s strategy to build an integrated financial services group that will better capture the growth of the region’s booming wealth management division. Insurance companies have Total assets Policyholders over S$100 billion – combine bank operations.
“Trading is simplifying the group structure, and we also think it can manage the potential of group capital more effectively,” said Jayden Vantarakis, head of Southeast Asia equity research at Macquarie Capital. He said that although OCBC has been under control, the impact of all acquisitions on revenue or strategy will be minimal.
Since July 2024, OCBC has not been able to obtain enough levels to achieve enough levels through last year’s offer. bank grow up The bid price reached 17.8% last month to S$30.15 per share, and the price is still at S$38.08 for the insurer’s 2024 embedded value.
This indicator has been used to evaluate insurance companies elsewhere and quote as resistance Minority shareholders Urge higher quotes.
The independent director of Big Oriental has advised shareholders to accept OCBC’s bid, which EY, the company’s financial adviser, has described as “fair and reasonable.”
The bank said insurance companies contributed about S$700 million in net profit per year to OCBC over the past 10 years, meaning that this period averaged about 15% of OCBC’s annual net profit.
While making the Big East recommendation of Big East is OCBC’s long-term goal, the bank is happy with its 93.72% stake, regardless of the EGM results statement last month. It added that OCBC does not intend to launch another offer for the foreseeable future.
