AIA said to near deal for Bank of East Asia’s life insurance arm

A branch of the Bank of East Asia is seen in Singapore. REUTERS/Pablo Sanchez

AIA Group Ltd. is nearing a deal to buy the life insurance unit of Bank of East Asia Ltd., the Hong Kong-based lender whose shareholders include Paul Singer’s Elliott Management Corp., according to people familiar with the matter.

The insurance giant has emerged as the likely buyer for the assets after beating out other rivals, the people said, asking not to be identified because the matter is private. A deal could be valued at about $600 million to $700 million, the people said.

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