The Bank of East Asia, Limited (SEHK:23) said it would sell its life insurance business and seek potential partnerships to grow its core business following a months-long strategic review prompted by a long-running shareholder battle with Paul Singer's Elliott Management over the lender's direction. As part of the sale process, the 101-year-old lender said it would seek to enter into a long-term exclusive distribution agreement to sell insurance products through its banking platform. “With a more nimble business, we will be better positioned to pursue our strategic priorities, thereby strengthening our core operations, supporting our growth initiatives and optimizing shareholder return,” Adrian Li Man-kiu and Brian Li Man-bun, BEA's Co-Chief Executives Officer, said in a statement.

The Goldman Sachs Group, Inc. (NYSE:GS), which helped conduct the review, is serving as a financial adviser for the sale of the life insurance business. Following the review, the bank said it would explore ways to grow its core businesses, including potential strategic partnerships with its mainland China banking operations. “The sale of BEA Life (BEA Life Limited) will be a good first step and we look forward to continuing our engagement while the company follows through on this and the other important conclusions of the review on strategic initiatives to create value for shareholders,” Jonathan Pollock, Elliott's Co-Chief Executives Officer and Chief Investment officer, said in a statement.