BEA Confirms Wealth Head Has Left

Editorial Staff

27 April 2020

The last week confirmed that former general manager and head of the wealth management division Henry Pang has resigned.

"We are currently in the process of recruiting his successor," a spokesperson for the Hong Kong-based bank told WealthBriefingAsia on Friday.

Pang was reportedly in the post for just three months; prior to this, he worked at BNP Paribas.

The Asian bank has been busy in recent weeks. In early March this year, Bank of East Asia, announced that it was conducting a a “comprehensive review of business and assets” to boost shareholder value. Elliott Management Corporation, the activist investor that has harried the bank over poor performance, said it backed the review and had paused legal proceedings against BEA. The bank will issue an update on the review on 30 June.

In September 2016, Elliott sued the bank, claiming it unfairly treated shareholders when BEA placed shares in two separate deals with Japan’s Sumitomo and Spain’s CaixaBank in March 2015 and January 2016. Elliott has decided to support the bank's review, halting its suit.