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Finance

Bank of East Asia to sell insurance unit after activist pressure

Hong Kong lender to seek China partner and cut costs by streamlining business

HONG KONG -- Bank of East Asia, the Hong Kong-based lender besieged by activist investor Elliott Management, has agreed to sell its life insurance unit, likely worth as much as $600 million, and seek a partner for its China business after a review aimed at boosting its profits and stock performance.

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