Bank of East Asia Targets Costs in China, Defends Board

Updated on
  • Willing to consider changes to the bank's board if necessary
  • May ``rationalize'' China branch network to help control costs

Bank of East Asia Ltd., the Hong Kong lender targeted by billionaire Paul Singer’s Elliott Management Corp., will take action on a China business that is “dragging down our overall performance” and could consider changes to the bank’s board, its deputy chief executive officer said.

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