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HONG KONG, March 24 - Hong Kong-based insurer AIAGroup has entered into an agreement to buy thewholly-owned life insurance unit of Bank of East Asia (BEA)and has signed a 15-year distribution partnership withthe lender for a total of about $650 million.
The acquisition of BEA Life Ltd is expected to complete bythe end of this year, subject to regulatory approvals, AIA saidin a statement on Wednesday.
BEA, whose main markets are Hong Kong and mainland China,announced plans in September to sell BEA Life after pressurefrom activist investor Elliott Management for reforms to boostshareholder returns.
BEA said it was expected to book a profit of about HK$1billion ($129 million) from the divestment of the insurancebusiness, and a part of that would be paid to the bank'sshareholders. REUTERS