Bank of East Asia to sell non-life insurance businesses to AIA for $278 mln

The Bank of East Asia

05/03/2022 04:53

HONG KONG, March 5 (Reuters) - Bank of East Asia  0023.HK 
(BEA) said late on Friday it has agreed to sell its non-life
insurance and healthcare services businesses to a unit of AIA
Group Ltd  1299.HK  for an aggregate HK$2.168 billion ($278
million).
    BEA agreed to sell its medical, travel and general insurance
services unit Blue Cross (Asia-Pacific) Insurance and all of its
80% interest in healthcare services unit Blue Care JV (BVI)
Holdings to AIA to generate value for shareholders.
    The Hong Kong-based bank expected to book an aggregate
profit of HK$1.534 billion upon completion of the deals, it said
in a filing to the Hong Kong bourse.
    Asia-focused AIA's largest market is mainland China, which
along with Hong Kong accounts for about half of its business.
    BEA shares have risen 11.8% so far this year as of last
close, while AIA shares have gained 1%. 

($1 = 7.8136 Hong Kong dollars)

 (Reporting by Donny Kwok; Editing by Christian Schmollinger)
 ((donny.kwok@thomsonreuters.com; +852 3952 5874;))