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Bank of East Asia Ltd (0023.HK)

0023.HK on Hong Kong Stock

32.15HKD
23 Mar 2017
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Latest Key Developments (Source: Significant Developments)

Bank of East Asia updates on legal proceedings
Monday, 6 Mar 2017 04:17am EST 

Bank Of East Asia Ltd <0023.HK> : Has been served with a statement of claim filed by China Medical Technologies, Inc . Plaintiff alleges that Supreme Well was controlled by same directors and/or executives of plaintiff who caused funds to be paid by plaintiff to Supreme Well . Believes that claims in statement of claim are without merit and will vigorously oppose them . Board considers that statement of claim will not have any material adverse impact on normal business and operations of bank .Plaintiff alleges that payments of over US$180 million were made from accounts of supreme well and other related entities.  Full Article

Bank Of East Asia says William Doo Wai-Hoi resigned as independent Non-Executive Director
Friday, 17 Feb 2017 03:40am EST 

Bank Of East Asia Ltd <0023.HK>: Bank Of E Asia-...More Board Changes <0023.HK> . William Doo Wai-Hoi has tendered his resignation as an independent Non- Executive Director . William Doo Wai-Hoi will cease as a member of audit committee of bank . Richard Li Tzar-Kai and Kuok Khoon-Ean have informed bank that they will not seek re-election and therefore will retire from board .Richard Li Tzar-Kai and Kuok Khoon-Ean are independent Non-Executive Directors.  Full Article

Bank of East Asia FY profit for the year from cont ops HK$3.53 bln
Thursday, 16 Feb 2017 11:09pm EST 

Bank of East Asia Ltd <0023.HK>: FY net interest income HK$11.1 billion versus hk$11.93 billion . FY impairment losses on loans and receivables HK$3.46 billion versus HK$2.03 billion . FY profit for the year from continuing operations HK$3.525 billion versus HK$5.336 billion . Common equity tier 1 capital ratio as at year end 12.1 percent . The board has declared a second interim dividend for the year ended 31st December, 2016 of HK$0.28 per share . "For 2017, we aim to increase non-interest income, mainly from treasury, insurance and wealth management operations" . As at year end net interest margin narrowed from 1.66 pct in 2015 to 1.60 pct in 2016 . "Cautiously optimistic that loan demand will improve in most markets in 2017" . "Expect asset quality to stabilise in coming year" . "In brokking operations outlook for 2017 remains challenging" ."The credit situation on the mainland remains difficult".  Full Article

Bank Of East Asia enters agreement with Khl and Kpl for formation of JV for acquisition of land
Wednesday, 7 Dec 2016 07:23am EST 

Bank Of East Asia Limited <0023.HK> : Formation Of Joint Venture For Acquisition And Development Of Land In Qianhai, The Prc . Pursuant to agreement, Bank, Khl and Kpl will establish prc jv in Qianhai with a total investment of rmb5.22 billion . Funding requirement for making capital commitment is not expected to have any material impact on bank . To acquire land use rights of land at a total consideration of rmb3.02 billion .Bank, Khl and Kpl entered into agreement relating to development of project on 7th dec.  Full Article

Bank of East Asia updates on joint bidding of land in Qianhai
Friday, 2 Dec 2016 05:06am EST 

Bank Of East Asia <0023.HK>: Bank, khl and kpl entered into bidding agreement in respect of their joint bidding of land in qianhai . Joint Bidding Of Land In Qianhai And Payment Of Deposit . Bank, khl and kpl jointly paid deposit of rmb604.0 million under the agreement . Bank of east asia- bank, khl and kpl jointly paid deposit of rmb604.0 million (approximately hk$682.52 million) in cash ."land use type of land is for commercial use and will be granted for a term of 40 years".  Full Article

Bank of East Asia disposes Tricor Holdings
Wednesday, 5 Oct 2016 06:10am EDT 

Bank of East Asia Holdings Limited <0023.HK>: Bank, NWS Holdings and East Asia Secretaries entered into a share purchase agreement with Trivium for sale of all issued shares of Tricor . Deal for a cash consideration of HK$6,469.7 million . Expected that proceeds from disposal will be used as general working capital of bank and for its future business development . Bank is expected to book a profit in amount of about HK$3.100 billion in respect of disposal .Immediately after closing, bank will cease to hold any equity interest in Tricor and Tricor will cease to be a subsidiary of bank.  Full Article

Bank of East Asia posts half-year profit attributable of HK$2.10 billion<0023.HK>
Friday, 19 Aug 2016 12:22am EDT 

Bank of East Asia Ltd <0023.HK>: HY profit attributable to owners of the parent HK$2.10 BLN VS HK$3.35 BLN last year . HY impairment loss on loans and advances HK$1.24 BLN VS HK$776 MLN LAST YEAR . HY net interest income HK$5.48 bln vs HK$6.18 bln last year . Interim dividend of HK$0.28 per share . Business and operating environment is expected to remain challenging in the second half of 2016 . "Brexit will add to, uncertainties in financial markets, and may affect inward investment into the UK and Europe" . On the mainland, exports continued to struggle as demand from european and asian markets remained weak in the first half . Looking ahead, growth of the European economy will remain sluggish while the us economic recovery will continue at a slower pace . Little change is expected in China's export fortunes . Sale process is at an early stage and that the bank has not entered into any agreement to sell its interest in Tricor group . Expect the central bank to refrain from taking further measures unless the economy deteriorates . China's economy is likely to grow by 6.7% in 2016, with inflation remaining low at 2.0% . In Hong Kong GDP growth is forecast to average 0.5% for 2016, while the inflation rate will soften to 2.6% . Plan to sell Tricor Group has been initiated . "There can be no certainty about the outcome of the sale process".  Full Article

Bank of East Asia Ltd updates on legal proceedings against the company<0023.HK>
Monday, 18 Jul 2016 07:03am EDT 

Bank of East Asia Ltd <0023.HK>: Legal proceedings . Says bank was served with a sealed copy of an unfair prejudice petition presented by Elliott International, L.P., the Liverpool Limited Partnership . Says bank and the relevant directors are named as respondents in the petition . Petition will not have any material adverse impact on normal business and operations of the bank . Says bank and the relevant directors will oppose the petition . Says petitioners seek the relief against the bank and the relevant directors . Petitioners alleges that certain resolutions of board in January 2016 approving certain amendments were passed for an improper purpose .Petitioners alleges that certain resolutions of board approving and affirming subscription and investment agreements were passed for improper purpose.  Full Article

Bank of East Asia Ltd declare an interim dividend
Monday, 3 Aug 2015 12:08am EDT 

Bank of East Asia Ltd:Declare an interim dividend of HK$0.38 per share for the six months ended 30th June, 2015.  Full Article

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