15:22 | 07/06/2016 Companies
(VEN) - June 7th, Great Eastern Holdings announced the sale of its Vietnam business to FWD Life Insurance Company (Bermuda) Limited for S$48.2 million.
Group Chief Executive Officer and Executive Director of FWD Group
All relevant regulatory approvals or, as the case may be, in-principle approval, for the pestment have been obtained. The pestment will be completed on or about 21 June 2016.
FWD Life Insurance Company (Bermuda) Limited is part of FWD Group, the insurance business arm of Asia-based investment group, Pacific Century Group.
Commenting on the sale, Mr Khor Hock Seng, Group CEO, Great Eastern Holdings, said: “Our decision was made after a comprehensive strategic review. We will be increasing our focus to grow our core markets of Singapore and Malaysia where we are among the market leaders, as well as our business in Indonesia and Brunei.
“The pestment is not expected to have a material impact on the Group’s financials. As part of the transaction, FWD will honour all in-force policies. We will work with them to ensure a smooth transition for our customers and our employees”.