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Finance

Bank of East Asia caves to pressure for review of operations

Activist investor Elliott pushed for assessment, which could lead to asset sale

Hong Kong-based Bank of East Asia on Wednesday said that it has engaged Goldman Sachs as its financial advisor for the review and will update investors by June 30.   © Reuters

HONG KONG -- Bank of East Asia, which counts Sumitomo Mitsui Banking Corp. as its biggest shareholder, has submitted under pressure from activist investor Elliott Management and announced a review that could lead to a sale of assets, sending its shares higher on Wednesday.

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