Bank of East Asia has finalised the sale and purchase agreements it signed with the Industrial and Commercial Bank of China and ICEA Finance Holdings on 4 June 2009.

The Hong Kong bank had agreed to offload its 70 per cent interest in The Bank of East Asia (Canada) to ICBC for approximately HK$589.2 million ($75.9 million), and purchase ICBC's remaining 75 per cent stake in ICEA for HK$372,154,045 ($47.9 million). ICEA automatically becomes a wholly-owned subsidiary of BEA following the deal, while BEA Canada no longer forms part of the BEA Group. BEA and ICBC will still be collaborating over the operation and management of BEA Canada.

"We look upon the acquisition as a prime opportunity to enlarge our customer base and to extend our market reach in the securities business," said Dr David KP Li, the chairman and chief executive officer of BEA, in a statement.

ICEA is the product of a partnership between BEA and ICBC and specialises in securities broking, underwriting, margin financing, and futures options contracts dealing. BEA is the largest independent local bank in Hong Kong, with total assets totalling HK$411.9 billion as of 30 June 2009.