BEA sells Tricor to PE firm Permira for HK$6.47 billion
BEA chief David Li says Tricor will develop more effectively if it is not a subsidiary of a regulated bank
Global private equity firm Permira said on Wednesday that it would acquire Bank of East Asia’s Tricor Holdings for HK$6.47 billion.
Tricor, founded in 2000, offers back office services to corporates around the world, particularly in the Asia-Pacific region.
Speaking to the South China Morning Post, Permira’s head of Asia, Alex Emery, described the acquisition of Tricor as a “rare opportunity” citing as reasons the company’s position in the market, its management team and growth prospects for the corporate services sector in the region.
“Corporate services in Asia are a growth market both because of the level of foreign direct investment into Asia-Pacific, and because Tricor’s existing clients are growing and require more services,” said Emery.
He said that Permira was open to acquiring more professional services firms in the future, and had recently acquired a number of other legal and professional services companies around the world.
BEA is Hong Kong’s largest independent bank, and held just over 75 per cent of Tricor, with the remaining stake being held by NWS Holdings.