China Strategic Holdings Ltd. said on Tuesday it has submitted an offer and is among the final bidders for the life insurance business of Hong Kong’s Bank of East Asia (BEA).
BEA announced plans last year to sell its wholly-owned subsidiary BEA Life after pressure from activist investor Elliott Management for reforms to boost shareholder returns.
China Strategic, which provides securities broking and moneylending services, said in an exchange filing that the bidding process was ongoing, it may not win the bid, and the deal would require shareholder approval. It did not provide details on any other bidders.
BEA did not immediately respond to a request for comment. BEA Life reported gross written premiums of HK$4.8 billion ($620 million) in 2019.