Bank of East Asia to sell insurance arm following portfolio review

Bank of East Asia Ltd (BEA) said in March that it had agreed to carry out the review, pausing four-year-old legal proceedings brought by activist investor Elliott Management demanding change at the lender.

HONG KONG: Bank of East Asia Ltd (BEA), which counts Guoco Company Management Ltd as a substantial shareholder, has decided to initiate a sale of its insurance business and is seeking a strategic partner for its mainland China business following a review of its portfolios and assets.

The Hong Kong-based bank said in March that it had agreed to carry out the review, pausing four-year-old legal proceedings brought by activist investor Elliott Management demanding change at the lender.