The group did not elaborate on reasons why the sale had been terminated.

OCBC, the parent of Bank of Singapore, has axed its plan to sell a 33.3 per cent stake in Hong Kong Life Insurance, one of the last remaining independent life insurance businesses in the Asian jurisdiction, arguing that it had not achieved closing conditions before a deadline.

Life insurance forms an important part of the wealth management ecosphere in Asia. (See an example here.)

“In accordance with the terms of the Share Sale Agreement, an aggregate deposit of HK$710 million paid by the purchaser, First Origin International Limited, to the sellers has been forfeited in favour of the sellers,” the Singapore-based firm said. 

The group said it will continue as owners of Hong Kong Life. OCBC did not give further details on why the sale had not gone ahead. The sale had been originally announced in March last year.