HONG KONG: Bank of East Asia Ltd., the Hong Kong lender that has been besieged by activist investor Paul Singer’s Elliott Management Corp., is considering options including a sale of insurance assets as part of its strategic review, according to people familiar with the matter.
BEA could seek more than $1 billion from a sale of assets including its life and general insurance as well as its pension fund business in Hong Kong, the people said, asking not to be identified because the deliberations are private. A deal for the life insurance assets could include a so-called bancassurance partnership, in which an insurer typically pays an upfront amount for exclusive rights to sell its products at bank branches, the people said.
Shares of BEA erased earlier losses and gained as much as 4.3% in Hong Kong on Tuesday. The stock rose 1.95% to HK$18.86 as of 1:02 p.m. local time. New premium income of BEA Life Ltd., the bank’s wholly-owned life insurance arm, rose by 50.8% to a record high in 2019, according to BEA’s latest earnings statement. The lender runs its general insurance business through its unit Blue Cross Insurance Ltd., which posted double-digit growth in underwriting profit last year.
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