Feb
15
Bank of East Asia Rejects Hedge Fund’s Call to Explore Sale
By-
Lender cites challenging economic, operating environment
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BEA posts 17% drop in 2015 profit as China bad loans increase
Bank of East Asia Ltd., the Hong Kong lender targeted by billionaire Paul Singer’s Elliott Management Corp., rejected a call by the hedge-fund firm to consider selling itself even after posting a bigger-than-expected profit drop.
Instead, the bank intends to focus on improving and executing on what it already has, according to a BEA statement filed to the Hong Kong stock exchange on Monday. That includes its China operations, which the lender said are “severely challenged” in a separate statement that outlined a 17 percent decline in full-year profit, higher bad loans on the mainland and a hiring freeze…
Bank of East Asia Rejects Hedge Fund’s Call to Explore Sale
