Deals
Hong Kong’s BEA Weighs Selling General Insurer Blue Cross
- A sale could value the assets at $300 million to $400 million
- Sale process to kick off early next year, draw global insurers
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Bank of East Asia Ltd. is considering a sale of its general insurance business Blue Cross (Asia-Pacific) Insurance Ltd. as it seeks to continue raising cash through the disposal of non-core assets, according to people familiar with the matter.
BEA, as the Hong Kong-based lender is known, is working with Goldman Sachs Group Inc. for the potential transaction, the people said, asking not to be identified because the information is private. A sale could raise $300 million to $400 million, the people said.