Income-Allianz deal off; government assesses it's "not in the public interest"

The proposed deal between NTUC Income and German insurer Allianz has been called off after government intervention. "The government has assessed the proposed transaction and has decided that it would not be in the public interest for the transaction, in its current form, to proceed," Culture, Community and Youth Minister Edwin Tong told parliament in a ministerial statement on Monday (Oct 14). He added that the government is open to any new arrangement if concerns that led to the transaction being blocked are addressed. #sgnews #singapore