Oversea-Chinese Banking Corporation (OCBC) is not looking to privatise Great Eastern Holdings after its previous exercise in May 2024, says the bank’s chairman Andrew Lee at its 89th annual general meeting (AGM) on April 16.
Lee’s comments echo group CEO Tan Teck Long’s remarks made at the bank’s FY2025 results briefing on Feb 25. Back then, Tan said the exercise was a “chapter behind us already. We will not be looking at acquiring more GE shares in the foreseeable future.”
OCBC has an equity stake of 93.7% in Great Eastern Holdings, which contributes to the bank’s bottom line and its dividend. For the FY2025 ended Dec 31, 2025, Great Eastern Holdings returned a profit of $1.125 billion to the bank.
Great Eastern Holdings is an “integral part” of the bank’s whole of wealth strategy as well, Lee adds.
When asked about lessons on the failed privatisation, Lee only noted that the bank had taken in “cargo that fits in nicely with the ship”. “We don’t buy anything that will struggle to integrate,” he says.
He adds that shareholders interested in the insurer can buy and sell Great Eastern’s shares on the open market thereafter.
See also: CRE, Middle East, gold and directors' fees among questions at UOB’s AGM
Great Eastern reopened on the SGX on Aug 21, 2025, at $13.21.
As at 3.57pm, shares in OCBC are trading 15 cents lower or 0.66% down at $22.73. Shares in Great Eastern are trading 3 cents higher or 0.19% up at $15.90.
