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UPDATE 1-Great Eastern to buy Malaysia insurance business from AMMB, MetLife for $256 mln

Reuters SG
·1-min read

(Adds details and background on deal in paragraphs 2 to 5)

Oct 2 (Reuters) - Singapore insurer Great Eastern Holdings said on Monday it agreed to buy Malaysian insurance businesses jointly owned by AMMB Holdings Bhd and MetLife International for 1.21 billion ringgit ($256.63 million).

Under the deal, Great Eastern, a unit of Overseas-Chinese Banking Corp, will buy AmMetLife Insurance and AmMetLife Takaful, the company said in a statement.

The deal also involves an exclusive twenty-year distribution partnership for its life insurance and family Takaful products via the distribution network of AMMB's banking subsidiaries, Great Eastern said.

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In early August, AMMB had announced the start of preliminary discussions with Great Eastern related to the acquisition.

The deal is subject to regulatory approvals from Bank Negara Malaysia, along with the finance ministry of Malaysia, and the Monetary Authority of Singapore.

($1 = 4.7150 ringgit) (Reporting by Poonam Behura in Bengaluru; Editing by Shailesh Kuber)