Chong Hing Bank Ltd. unit Chong Hing Insurance Co. Ltd. and Oversea-Chinese Banking Corp. Ltd. unit OCBC Wing Hang Bank Ltd. agreed to extend the long stop date for the sale of their respective stakes in Hong Kong Life Insurance Ltd. to Sept. 30 from March 20.
The terms and conditions of the stake sale remain unchanged, according to separate March 15 releases.
In March 2017, Hong Kong-based investment holding company First Origin International Ltd. agreed to acquire Hong Kong Life from a number of shareholders, including Chong Hing Insurance and OCBC Wing Hang Bank, for HK$7.1 billion.
OCBC Wing Hang Bank holds a 33.33% stake in Hong Kong Life Insurance, while Chong Hing Bank, Asia Insurance Co. Ltd., Shanghai Commercial Bank Ltd. and Wing Lung Bank Ltd. each hold a stake of about 16.7% in the company.
Following the completion of the sale, Hong Kong Life will enter into new distribution agreements with Chong Hing Bank, OCBC Wing Hang Bank, Shanghai Commercial Bank and Wing Lung Bank.
