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OUB exits Manulife venture

OUB exits Manulife venture

(Singapore) - Manulife Financial Corp is buying the rest of the shares of OUB Manulife from its Singaporean joint venture partner. Canada's number two insurer is taking total ownership of OUB Manulife from its current 50 percent in a transaction valued at S$30 million (US$17 million) from its joint venture partner Overseas Union Bank/United Overseas Bank.

The sale and purchase is viewed by both parties as enabling each to concentrate on core strengths, which now finalises the joint venture begun in 1980 that had focussed on providing specialised services such as estate planning.
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