Singapore-based insurer Great Eastern has appointed Greg Hingston as its new Chief Executive Officer, effective November 1, following the retirement of Khor Hock Seng on October 31. Hingston, who brings over 20 years of experience in Asia, including 18 years at HSBC, where he held senior roles in retail banking, wealth management, and insurance, was most recently the CEO of HSBC Global Insurance and Partnerships.
Great Eastern’s nominating committee, after a thorough search process that included both internal candidates and external searches, selected Hingston to lead the company’s strategy to expand beyond its core markets of Singapore and Malaysia.
“We extend a warm welcome to Greg,” stated Great Eastern chairman Soon Tit Koon. “His global expertise and proven leadership in growing insurance businesses will be invaluable as we pursue our renewed growth strategy.”
This leadership change comes as OCBC Bank advances its bid for full ownership of Great Eastern. OCBC has offered S$1.4 billion ($1.1 billion) to acquire the remaining 11.56% stake it does not already own, a move that would lead to the insurer’s delisting. However, the buyout faces resistance from minority shareholders and challenges due to concerns over the insurer’s valuation, as EY’s review deemed the offer “not fair but reasonable.” Long-term shareholders argue that the company is trading below its true value, adding further complexity to the takeover bid.
