“We will be issuing a statement on this matter in due course,” a Great Eastern spokesperson said in response to queries from Bloomberg News. EY declined to comment.
Great Eastern Holdings appointed EY as independent financial adviser for the $1.4 billion offer from Oversea-Chinese Banking Corp. to buy the remaining stake the lender does not currently own, according to people familiar with the matter. EY was Great Eastern's auditor from 1999 to 2018.
EY will assess the merits of OCBC’s offer for the Singapore-based insurance firm and give an opinion to the firm’s board of directors, the people said, asking not to be identified as the appointment is not yet public. OCBC holds more than 88% in Great Eastern, one of the largest insurers in the city-state, and moved to take full control earlier this month.
