BEA denies external talks on disposals

Business | 2 Jun 2020 1:15 pm

The Bank of East Asia says it has had no external discussions regarding the disposal of either the Hong Kong or mainland China banking businesses.

The bank was responding to a report in the Financial Times.

BEA also says in a statement today no decisions have been made with respect to any strategic alternatives for the bank’s businesses and assets under the comprehensive strategic review.

The Financial Times published a story suggesting that The Bank of East Asia is in early discussions with financial and strategic investors about the sale of the bank’s Hong Kong and mainland China banking businesses, BEA said.

"As referenced in the bank’s announcement dated  May 27, 2020, the bank has been working closely with its adviser, Goldman Sachs, to continue its thorough evaluation of the bank’s businesses and assets to identify potential strategic transactions which would enhance the value of the bank’s existing business and assets as well as strategic alternatives for potentially non-core assets.

"The bank will announce an update on the status of the review by September 30, and will report any other material updates regarding the review in a timely fashion.''

BEA said shareholders and potential investors should note that the outcome of the review may or may not result in any transaction.

Shareholders and potential investors are advised to exercise caution when dealing in the shares of the bank, the BEA said.

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