Bank of East Asia stays on course in its plans to explore a sale of its life insurance arm which could raise up to $600 million.
After a 9-month review of its business and assets, led by Goldman Sachs, BEA will present its plans to explore a sale of its life insurance unit and bancassurance partnership, according to a «Bloomberg» report citing unnamed sources.
The sale, which is subject to change and final sign-off from BEA directors, is expected to raise about $500-600 million. Preliminary interest has also been observed from other insurers seeking regional expansion, the report added.
BEA Life had about HK$25.4 billion ($3.3 billion) in assets as of the end of June, according to the latest financial report, with commission income rising over 49 percent in the first half.
