Great Eastern, Generali eye AXA-Affin insurance businesses

KUALA LUMPUR: Singapore’s Great Eastern Holdings Ltd and Assicurazioni Generali SpA are among potential bidders for the life and general insurance businesses in Malaysia that AXA SA and Affin Bank Bhd own, according to people familiar with the matter.

Great Eastern, which is majority-owned by Oversea-Chinese Banking Corp, and Italy’s Generali are working with their respective advisers on potential offers, said the people, who asked not to be identified as the discussions are private. The first round of bidding is expected to conclude by the end of next month, the people said.