HK’s Bank of East Asia to review assets with Elliott Management
FILE PHOTO: A logo of Bank of East Asia is displayed at a news conference in Hong Kong, China February 15, 2016. Picture taken February 15, 2016. REUTERS/Bobby Yip/File Photo
HONG KONG (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