Great Eastern privatisation is ‘natural progression’ in bank’s strategy: OCBC CEO Helen Wong

THE full integration of Great Eastern into OCBC will help the lender realise more synergistic value, by providing more opportunities for the bank to work closer with the insurer, said OCBC chief executive Helen Wong.

Wong, speaking at the lender’s fourth quarter results briefing on Wednesday (Feb 26), said the offer to take Great Eastern private last May was a “natural progression” in its strategy.

OCBC has aimed to drive collaboration across its three main business pillars of banking, wealth management and insurance, under its “one group” strategy.

“We know a balanced portfolio can help us to overcome, in particular, the uncertainty and the volatility in the market over the next decade,” Wong said.

She noted that in Singapore, 70 per cent of Great Eastern’s customers hold OCBC products, while 30 per cent of OCBC’s customers hold Great Eastern policies, leaving room for more cross selling of products.