MAS Denies Meeting Request from Tan Suee Chieh on Allianz Deal

SINGAPORE: The Monetary Authority of Singapore (MAS) has officially declined former NTUC Income CEO Tan Suee Chieh's request for a meeting with its chairman, Gan Kim Yong, regarding the contentious aborted acquisition of Income Insurance by Allianz. This decision, announced on June 23, 2025, follows extensive parliamentary debates on the matter, which have already addressed the concerns raised by Tan in his previous open letters.

In a statement, MAS reiterated that Tan had submitted three open letters from August 2024 to April 2025, seeking responses to his criticisms of MAS’s regulatory oversight regarding the failed Income-Allianz deal. The third letter, penned during the campaign period for the General Election, highlighted his calls for Gan, who also serves as Deputy Prime Minister and Minister for Trade and Industry, to respond directly to the issues raised.

Despite Tan's insistence on the need for dialogue, MAS maintained that the concerns surrounding the transaction had been thoroughly discussed in Parliament. Key discussions took place during sessions on October 14 and 16, 2024, led by then-Minister for Culture, Community and Youth Edwin Tong and then-Second Minister for Finance Chee Hong Tat. MAS emphasized that the records of these discussions are publicly available in the Hansard, indicating that the issues have been sufficiently addressed.

The aborted deal itself became a significant talking point in the recent election, particularly for Gan, who was campaigning in the Punggol GRC constituency. Tan, a vocal opponent of the proposed acquisition, questioned the alignment of Allianz’s corporate objectives with the social mission of Income Insurance, which aims to serve low-income workers.

The deal was initially proposed when Allianz made a pre-conditional voluntary cash offer to acquire at least 51% of Income’s shares in July 2024. However, regulatory concerns emerged, particularly around a substantial capital reduction that was part of the agreement. The government intervened, leading to the withdrawal of Allianz’s offer in December 2024 after concerns were raised by the Ministry of Culture, Community and Youth regarding Income's capacity to fulfill its social mission post-acquisition.

In its statement, MAS clarified that while Allianz had received preliminary approval to negotiate the acquisition, no formal application was ever submitted for the required regulatory approvals to complete the transaction. Furthermore, MAS highlighted that it had not been made aware of certain representations made by Income to the Ministry of Culture, Community and Youth regarding its financial stability and social commitments.

Tan’s advocacy against the deal found support among other prominent figures, including his predecessor Tan Kin Lian and Ambassador-at-Large Tommy Koh, who echoed concerns about the alignment of a multinational corporation with Income’s foundational mission. Following the government's decision to halt the transaction, Tan expressed his satisfaction on social media, emphasizing the importance of public discourse on significant societal matters.

As the situation evolves, MAS has indicated its openness to receiving any further feedback from Tan, although it remains firm on its position regarding the necessity for transparency and accountability in financial transactions impacting public interest. This incident underscores the critical intersection of regulatory practices, corporate governance, and the social responsibilities of financial institutions in Singapore's evolving economic landscape.