Oversea-Chinese Banking Corp (OCBC) announced yesterday that a planned sale of Hong Kong Life Insurance to investment firm First Origin International had been called off after the buyer failed to meet certain conditions before the 30 September deadline.

OCBC, via a subsidiary OWHB in Hong Kong, owns a third of the insurer—one of the last remaining independent life insurance businesses in Hong Kong. OWHB is one of five owners including Chong Hing Insurance, a unit of Chong Hing Bank, reports Reuters.

First Origin agreed to acquire the business in March last year for HK$7.1bn ($907m), according to two of the sellers.

"OWHB together with the other sellers have terminated the sale ... on the basis that the closing conditions have not been satisfied," Singapore-based OCBC said in a statement. It did not specify which conditions were not met.

First Origin International forfeited a deposit of HK$710m to the sellers on the cancellation of the deal, OCBC said.

OWHB first announced in March 2017 that it would sell its 140m ordinary shares in Hong Kong Life for HK$2.4bn to First Origin International.

The deal had been awaiting approval from the Hong Kong regulator.