Allen & Gledhill and WongPartnership are acting on Oversea-Chinese Banking Corporation’s (OCBC) SGD1.4 billion (USD1 billion) buyout offer to Great Eastern Holdings.
The team from Allen & Gledhill steering OCBC through this transaction includes partners Lim Mei, Prawiro Widjaja, Lee Kee Yeng and Jerald Soon. WongPartnership confirmed its role as legal adviser to Great Eastern, but did not disclose the details of the acting partners in the transaction by the time of publication.
Currently, OCBC owns 88.44% of Great Eastern and aims to purchase the remaining 11.56% that it does not own in the company. This move aims to strengthen OCBC’s banking, wealth management and insurance businesses as well as optimising capital.
OCBC is the second-largest financial services group in Southeast Asia by assets with more than 400 branches and offices in Singapore, Malaysia, Indonesia, Vietnam, Thailand and China.
Great Eastern Holdings is an investment holding company in Singapore operating in Asia.
