BEA has disposed its 70% interest in BEA Canada to ICBC for approximately HKD589.2m. Meanwhile, BEA has also concluded its acquisition of ICBC’s remaining 75% shareholding in ICEA for approximately HKD372m. The two transactions are inter-conditional, and with their completion, ICEA becomes a wholly-owned subsidiary of BEA, and BEA Canada ceases to be a subsidiary of the BEA Group.
BEA and ICBC will continue to co-operate in the management and operation of BEA Canada and a shareholders agreement has been entered into between the three parties governing their respective rights and obligations.
David Li, chairman and chief executive of BEA, said: “We are pleased to welcome the customers, business partners, and staff of ICEA to the BEA Group. We look upon this acquisition as a prime opportunity to enlarge our customer base and to extend our market reach in the securities business. We are confident that with BEA’s expertise and resources to provide its customers with a broad range of financial services to cater for their diverse needs, ICEA will go from strength to strength.”
ICEA was established in 1998 through the joint partnership between ICBC and BEA. The company principally engages in the provision of securities broking, underwriting, margin financing, and futures and options contracts dealing services.
