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Singer's Elliott to Exit Decade-Long Holding in Hong Kong Lender BEA

  • BEA plans to buy back 8.43% stake held by Elliott affiliates
  • Elliott’s stake in BEA could be valued at about $373 million
Bank of East Asia in the Central district of Hong Kong.
Bank of East Asia in the Central district of Hong Kong.Photographer: Anthony Kwan/Bloomberg

Paul Singer’s Elliott Investment Management plans to sell its stake in Bank of East Asia Ltd, exiting its holding from the Hong Kong-based lender after more than a decade.

BEA, as the bank is known, will repurchase 246.5 million shares in the bank held by Elliott and its affiliated entities, representing about 8.43% of the total number of issued shares, according to a statement filed with the city’s stock exchange on Friday.