Bank of East Asia rejects hedge fund’s call to explore sale

HONG KONG: Bank of East Asia Ltd, the Hong Kong lender targeted by billionaire Paul Singer’s Elliott Management Corp, rejected a call by the hedge-fund firm to consider selling itself even after posting a bigger-than-expected profit drop.

Instead, the bank intends to focus on improving and executing on what it already has, according to a BEA statement filed with the Hong Kong stock exchange yesterday.