HK's Bank of East Asia to review assets with Elliott Management

The Bank of East Asia

04/03/2020 24:43

HONG KONG, March 4 (Reuters) - Hong Kong-based Bank of East
Asia  0023.HK  said on Wednesday it would carry out a
comprehensive review of its portfolio of businesses and assets
with the support of activist investor Elliott Management. 
    A long-running dispute between Elliott and the bank's
directors was due to be heard in a Hong Kong court later this
year. The statement said Elliott would apply for a court ordered
pause of these proceedings. 
    The review will focus on identifying potential strategic
transactions that "would enhance the value of the Bank's
existing businesses and assets, as well as strategic
alternatives for potentially non-core assets," the bank's
statement said. 
    "Elliott supports the announcement today by BEA," said
Jonathan Pollock, Co-CEO and Chief Investment Officer of
Elliott, according to the statement. 
    

    

 (Reporting by Alun John; Editing by Tom Hogue)
 ((Alun.John@thomsonreuters.com; +852-28415827;))