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Bank of China to Sell Assets to Hong Kong Unit for $887 Million

  • BOC Hong Kong to buy lending businesses in Malaysia, Thailand
  • Southeast Asia key for belt, road program: BOC Hong Kong CEO

Bank of China Ltd. will sell Malaysian and Thai assets to its Hong Kong subsidiary for HK$6.9 billion ($887 million) as the fourth-largest mainland lender restructures its businesses in Southeast Asia.

The company will sell Bank of China (Thai) Pcl for about HK$3.1 billion and Bank of China (Malaysia) Bhd. for around HK$3.8 billion to BOC Hong Kong (Holdings) Ltd., according to announcements made Thursday to the city’s stock exchange. The amount will be paid in cash in Hong Kong dollars.