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FINANCIAL SERVICES | Staff Reporter, Hong Kong

OCBC Wing Hang Bank kills $425.9m sale of Hong Kong Life Insurance

The closing conditions have not been met in time.

OCBC Wing Hang Bank (OWHB) terminated the sale of a 33.33% stake in Hong Kong Life Insurance. Some analysts were expecting the transaction to be one of OCBC's largest in 2018.

According to an announcement, the closing conditions of the share sale agreement have not been satisfied by the long stop date of 30 September 2018.

OWHB entered the share sale agreement with First Origin International on 20 March 2017. The consideration for the stake is $425.9m (HK$2.367b).

The aggregate deposit of HK$170m paid by the buyer First Origin International has been forfeited in favour of the sellers.

The sellers, being the existing shareholders of Hong Kong Life, will continue with their ownership of the company.

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