ESG to the Fore in Asia Corporate Governance
15 September, 2016
Citi Grabs a Ride in Taxi Tie-Up
20 September, 2016Euromoney, September 2016
There is just one big independent bank left in Hong Kong, and it is under siege. Bank of East Asia is a throwback of sorts: it is still run by the Li family that founded it in 1918, it is a Hong Kong staple, a constituent of the Hang Seng Index and a ubiquitous presence through its lucky 88 branches.
It is a mainland pioneer too, one of the first foreign banks to be allowed to establish a locally incorporated bank there back in 2007, and the first to launch renminbi credit cards on the mainland the following year.
But that profile caught the unwelcome attention of self-styled activist investor Elliott Management in 2010, and since then the Paul Singer-led outfit – best known for taking on the Argentinian sovereign in its tortuous debt default negotiations – has built a 7.1% stake. All this year it has lobbied for a change of management, and in July went one step further and took to the courts.
Full article: http://www.euromoney.com/Article/3588815/Asia-Last-man-standingBEA-fights-Elliott-action
