OCBC is unlikely to take its listed insurance arm Great Eastern private, although the bank might have bigger plans for the insurer, noted analysts.

On Monday (Jun 19), the lender said that it bought 2.3 million Great Eastern shares at S$16.99 each in cash or S$39.9 million in total, bringing its stake in the insurer to 88.4 per cent from 87.9 per cent.

The purchase was on “a willing buyer willing seller basis”, OCBC said in a bourse filing.