BEA Wealth Management (Taiwan), which became a subsidiary of the bank over six years ago, provides wealth management, brokerage on foreign securities and various insurance products, and investment consultancy services in Taiwan. 

The bank also announced the sale of its Hong Kong-based securities arm, Tung Shing, to SinoPac Securities Cayman (SPSC), which is part of Taiwan-listed . Details of the deals were not disclosed.

“My colleagues and I firmly believe that SinoPac Securities and SPSC are well equipped to take the businesses of BEA Wealth Management and Tung Shing to the next level of development,” said David Li, chairman and chief executive of BEA. 

“Our disposal of shares in these two companies is part of our efforts to rationalise our securities business in Greater China region, allowing us to focus our resources on expanding our securities and futures trading businesses through our subsidiaries, East Asia Securities Company Limited and East Asia Futures Limited.”

Bank Of East Asia had total consolidated assets of HK$816 billion ($105.3 billion) as of the end of June.