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Bank of East Asia expects Tricor Holdings deal to close in Q1'17

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Bank of East Asia expects Tricor Holdings deal to close in Q1'17

Bank of East Asia Ltd. expects the proposed sale of Tricor Holdings Ltd. to close during the first quarter of 2017, subject to regulatory approvals.

Under the proposed deal, Bank of East Asia and NSW Holdings Ltd. are selling the share registry business to private equity firm Permira for HK$6.47 billion. The bank and NSW Holdings hold 75.61% and 24.39% stakes, respectively, in the business.

The bank added that applications for regulatory clearances have been submitted to regulators in British Virgin Islands, Brunei Darussalam, Cayman Islands, Malaysia and the U.K.