Published by Wealth Briefing Asia – 3rd November 2016
Bank of East Asia (China) has appointed Cartier Lam Chi-man as executive director and chief executive. The role was previously held by Kwan Tat-cheong, who will take up a new position as senior advisor to BEA China.
Lam has experience in the banking industry and of mainland China’s financial markets due to his 20 years of experience working at BEA.
Prior to this appointment, Lam was deputy CEO of BEA China. Additionally, he served as business manager of BEA’s Guangzhou branch, chief representative of BEA’s Fuzhou representative office, and then general manager of BEA’s Dalian branch and Xiamen branch.
In recent news, Bank of East Asia and other entities agreed in October to sell all the issued shares of Tricor, a business, corporate and investor services firm, and its subsidiaries, for a consideration of HK6.469 billion ($833 million).
The shares were bought by Trivium Investment, a Hong Kong-based firm owned by private equity giant Permira.
The bank has been the focus of a legal challenge by activist US investor Elliott Advisors, which in September launched a lawsuit in Hong Kong, claiming that the lender unfairly treated shareholders when BEA placed shares in two separate deals with Japan’s Sumitomo and Spain’s Caixa Bank in March 2015 and January this year.
Elliott Advisors has been calling for the bank to be sold, and has been fiercely critical of BEA’s financial performance. The bank reported a fall in full-year profits for 2015.
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