Brief: Bank Of East Asia Says Decided To Initiate A Sale Process For BEA Life Ltd

The Bank of East Asia

23/09/2020 05:44

Sept 23 (Reuters) - Bank of East Asia Ltd  0023.HK :
    * DECIDED TO INITIATE A SALE PROCESS FOR BEA LIFE LIMITED
    * COMPLETED ITS COMPREHENSIVE STRATEGIC REVIEW OF ITS
PORTFOLIO OF
BUSINESSES AND ASSETS
    * ANNOUNCEMENT SUPPORTED BY ELLIOTT MANAGEMENT CORP
    * CO'S PRIORITIES INCLUDE RAISING FEE-BASED INCOME THROUGH
RENEWED
FOCUS ON WEALTH MANAGEMENT
    * SEEKS LONG-TERM EXCLUSIVE DISTRIBUTION AGREEMENT FOR
ONGOING
SOURCE OF REVENUE FOR BANK AS DISTRIBUTOR OF INSURANCE PRODUCTS
    * PRIORITIES INCLUDE LOWERING COST-TO-INCOME RATIO BY
STREAMLINING
OPERATIONS

Source text for Eikon:  urn:newsml:reuters.com:*:nHKS2S9Rw8
Further company coverage:  0023.HK 

 (Reuters.Briefs@thomsonreuters.com)