SINGAPORE (March 20): Oversea-Chinese Banking Corporation (OCBC Bank) announced that its wholly owned subsidiary, OCBC Wing Hang Bank has entered into an agreement to sell its 33.33% stake in the capital of Hong Kong Life Insurance to First Origin International.

In a filing on Monday night, OCBC Bank said the consideration for the stake sale is HK$2.37 billion ($425.9 million), payable in cash.

The sale is conditional upon regulatory approvals.

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