HONG KONG — Hong Kong’s Bank of East Asia said it will offload two securities units as it concentrates resources on core group company East Asia Securities.
Taiwan’s Sinopac Financial Holdings will purchase Tung Shing Holdings, based in Hong Kong, and BEA Wealth Management Services (Taiwan) for roughly 680 million Hong Kong dollars ($89.4 million). Sinopac plans to beef up subsidiary Sinopac Securities’ asset management operation through the acquisitions.