BEA completes sale of insurance and healthcare business

Both were sold to AIA Group.

The Bank of East Asia has completed the sale of its insurance business Blue Cross (Asia-Pacific) Insurance Limited and its 80% stake in healthcare service provider Blue Care JV (BVI) Holdings Limited to AIA Group Limited.

AIA paid BEA a total of $297m in cash, which includes the considerations for the Bank’s sale of Blue Cross, inclusive of the transfer of Blue Cross’s legacy life insurance portfolio to AIA, the disposal of Blue Care, and the previously agreed Blue Cross distribution arrangement.

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The bank’s board of directors will hold a meeting on 7 September for considering the issuance of a special dividend. The special dividend may or may not be approved at the board meeting.

The sale was first announced last March.