Print this article
Bank Of East Asia Restructures; Investor Activist Pauses Legal Case
Tom Burroughes
5 March 2020
Hong Kong-based as its financial advisor in connection with the review. The review is also a sign of how new C-suite leadership at BEA has triggered changes. In May last year David K P Li stepped down as CEO, taking up the post of executive chairman. The CEO slot was split between Adrian and Brian Li.
“Assessing the strategic fit and value of constituent assets in the Bank’s portfolio is an important initiative to improve our capital efficiency and drive shareholder value,” Adrian and Brian Li, co-chief executives for the bank, said.
“Elliott supports the announcement today by BEA that it will undertake a comprehensive strategic review,” Jonathan Pollock, co-CEO and chief investment officer of Elliott, said. “BEA has built a strong and valuable franchise in Hong Kong and the mainland and we believe this step will lead to significant value creation. We look forward to continuing a dialogue with management and the board about opportunities to increase shareholder value.”
Elliott said it will also apply to pause court proceedings that it previously started against the bank and certain former and serving bank directors.