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Bank of East Asia Ltd (0023.HK)

0023.HK on Hong Kong Stock

33.65HKD
22 Feb 2018
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Latest Key Developments (Source: Significant Developments)

Bank Of East Asia says Unit Enters Agreements With China Financial Services And Ql Finance Co​
Wednesday, 29 Nov 2017 

Nov 29 (Reuters) - Bank Of East Asia Ltd <0023.HK>::UNITS ENTER ‍EQUITY TRANSFER AGREEMENT WITH CHINA FINANCIAL SERVICES AND QL FINANCE CO​ FOR SALE OF INTERESTS FOR HK$664.8 MILLION.UNITS ENTER ‍ ASSETS PURCHASE AGREEMENT FOR SALE OF CERTAIN LOAN PORTFOLIO FOR HK$414.2 MILLION​.  Full Article

Bank Of East Asia acquires 21 pct of issued share capital of Prasac Microfinance Institution Ltd
Friday, 17 Mar 2017 

Bank Of East Asia Ltd <0023.HK> : Acquired 21% of issued share capital of Prasac Microfinance Institution Limited .Deal for a consideration of approximately us$78 million.  Full Article

Bank of East Asia disposes Tricor Holdings
Wednesday, 5 Oct 2016 

Bank of East Asia Holdings Limited <0023.HK>: Bank, NWS Holdings and East Asia Secretaries entered into a share purchase agreement with Trivium for sale of all issued shares of Tricor . Deal for a cash consideration of HK$6,469.7 million . Expected that proceeds from disposal will be used as general working capital of bank and for its future business development . Bank is expected to book a profit in amount of about HK$3.100 billion in respect of disposal .Immediately after closing, bank will cease to hold any equity interest in Tricor and Tricor will cease to be a subsidiary of bank.  Full Article

Bank of East Asia posts half-year profit attributable of HK$2.10 billion<0023.HK>
Friday, 19 Aug 2016 

Bank of East Asia Ltd <0023.HK>: HY profit attributable to owners of the parent HK$2.10 BLN VS HK$3.35 BLN last year . HY impairment loss on loans and advances HK$1.24 BLN VS HK$776 MLN LAST YEAR . HY net interest income HK$5.48 bln vs HK$6.18 bln last year . Interim dividend of HK$0.28 per share . Business and operating environment is expected to remain challenging in the second half of 2016 . "Brexit will add to, uncertainties in financial markets, and may affect inward investment into the UK and Europe" . On the mainland, exports continued to struggle as demand from european and asian markets remained weak in the first half . Looking ahead, growth of the European economy will remain sluggish while the us economic recovery will continue at a slower pace . Little change is expected in China's export fortunes . Sale process is at an early stage and that the bank has not entered into any agreement to sell its interest in Tricor group . Expect the central bank to refrain from taking further measures unless the economy deteriorates . China's economy is likely to grow by 6.7% in 2016, with inflation remaining low at 2.0% . In Hong Kong GDP growth is forecast to average 0.5% for 2016, while the inflation rate will soften to 2.6% . Plan to sell Tricor Group has been initiated . "There can be no certainty about the outcome of the sale process".  Full Article

Bank of East Asia Ltd updates on legal proceedings against the company<0023.HK>
Monday, 18 Jul 2016 

Bank of East Asia Ltd <0023.HK>: Legal proceedings . Says bank was served with a sealed copy of an unfair prejudice petition presented by Elliott International, L.P., the Liverpool Limited Partnership . Says bank and the relevant directors are named as respondents in the petition . Petition will not have any material adverse impact on normal business and operations of the bank . Says bank and the relevant directors will oppose the petition . Says petitioners seek the relief against the bank and the relevant directors . Petitioners alleges that certain resolutions of board in January 2016 approving certain amendments were passed for an improper purpose .Petitioners alleges that certain resolutions of board approving and affirming subscription and investment agreements were passed for improper purpose.  Full Article

RPT-UPDATE 1-HK-based Bank of East Asia's 2017 profit soars on asset sales

HONG KONG, Feb 22 Hong Kong-based Bank of East Asia Ltd (BEA) posted a near tripling in profit in its full fiscal year, beating street estimates, bolstered by a sharp jump in income from the sale of some non-core assets as well as a drop in impairment losses.