BEA Completes Sale of Majority Interest in BEA USA
OREANDA-NEWS. July 16, 2012. The Bank of East Asia (“BEA”) announces that East Asia Holding Company, Inc. (“EAHC”), a wholly-owned subsidiary of BEA, has completed the sale of 80% of its interest in The Bank of East Asia (U.S.A.) N.A. (“BEA USA”) to the Industrial and Commercial Bank of China Limited (“ICBC”). Representatives of the senior managements of both banks attended a ceremony in Beijing today to mark the final completion of the transaction, reported the press-centre of BEA.
The transaction, which was stipulated in the Share Sale Agreement entered by BEA and EAHC with ICBC on 21st January, 2011, was approved by the relevant regulatory authorities in Hong Kong, Mainland China and the United States.
With the final completion of this transaction, BEA USA ceases to be a subsidiary of BEA and will be renamed Industrial and Commercial Bank of China (USA) National Association (“ICBC USA Subsidiary”). BEA will co-operate with ICBC in the latter’s management and operation of ICBC USA Subsidiary.
Speaking at the ceremony, Dr. David K.P. Li, Chairman & Chief Executive of BEA said: “We at BEA are delighted to be partners with ICBC in ICBC USA Subsidiary, extending our already strong relationship. Our first priority is that all our clients obtain the very best in banking services. With ICBC in the lead, we know that we have a partner that we can depend on to maintain, and indeed extend, the services that all our customers have enjoyed in the past.”
Following the disposal of its majority interest in BEA USA, BEA will remain as a shareholder of ICBC USA Subsidiary. It will continue to operate its wholesale banking business through its federal branches in New York and Los Angeles. For more information on BEA, please visit www.hkbea.com.
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