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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  The Bank of East Asia, Limited    23   HK0023000190

THE BANK OF EAST ASIA, LIMITED

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End-of-day quote. End-of-day quote Hong Kong Stock Exchange - 12/04
17 HKD   +0.47%
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Bank of East Asia says had no talks to sell HK, China businesses

06/02/2020 | 01:26am EST

Hong Kong-based Bank of East Asia Ltd (BEA), which is conducting a review of its portfolios and assets, said on Tuesday said it has had no "external discussions" to sell its Hong Kong or China banking business.

The bank's statement to the stock exchange came in response to a Financial Times report https://www.ft.com/content/6536e865-3e9c-490d-be2f-bd83a82e6ff3 that said BEA was in early discussions with financial and strategic investors about the sale of its Hong Kong and China banking businesses.

The bank said in March it had agreed to carry out a review of its businesses, pausing four-year-old legal proceedings demanding change at the lender brought by activist investor Elliott Management.

BEA, which has hired Goldman Sachs to assist with the business review, last month extended the deadline for giving an update to shareholders by three months to Sept. 30.

"The bank would like to clarify that it has had no external discussions regarding the disposal of either the Hong Kong or mainland China banking businesses, and that no decisions have been made with respect to any strategic alternatives for the bank's businesses and assets under the comprehensive strategic review," it said in its filing on Tuesday.

Elliott has a near 8% stake in BEA and previously urged the bank - whose main markets are Hong Kong and mainland China - to explore putting itself up for sale in an open letter to shareholders, in which it also said the lender was poorly run.

(Reporting by Sumeet Chatterjee; editing by Richard Pullin)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CHANGE INC. 0.00% 7980 End-of-day quote.448.83%
SM INVESTMENTS CORPORATION -2.01% 1026 End-of-day quote.-1.63%
THE BANK OF EAST ASIA, LIMITED 0.47% 17 End-of-day quote.-2.30%
THE GOLDMAN SACHS GROUP, INC. 1.75% 239.58 Delayed Quote.2.41%
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Financials
Sales 2020 16 346 M 2 109 M 2 109 M
Net income 2020 2 494 M 322 M 322 M
Net Debt 2020 - - -
P/E ratio 2020 21,5x
Yield 2020 2,27%
Capitalization 49 582 M 6 397 M 6 397 M
Capi. / Sales 2020 3,03x
Capi. / Sales 2021 2,99x
Nbr of Employees 9 670
Free-Float 47,5%
Chart THE BANK OF EAST ASIA, LIMITED
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The Bank of East Asia, Limited Technical Analysis Chart | 23 | HK0023000190 | MarketScreener
Technical analysis trends THE BANK OF EAST ASIA, LIMITED
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 11
Average target price 15,08 HKD
Last Close Price 17,00 HKD
Spread / Highest target 17,6%
Spread / Average Target -11,3%
Spread / Lowest Target -30,6%
EPS Revisions
Managers
NameTitle
Man Kiu Li Co-Chief Executive Officer & Executive Director
Man Bun Li Co-Chief Executive Officer & Executive Director
Kwok Po Li Executive Chairman
Hon-Shing Tong Chief Operating Officer & Deputy CEO
Dawn Tao Chief Financial Officer
Sector and Competitors