Eastern Bankshares Up on Report of HoldCo’s Stake and Sale Push

(Updates with shares.)

Eastern Bankshares rose as much as 3.8% after Reuters reportedactivist investor HoldCo Asset Management has built a sizable position in the regional lender and is pressing for a sale, citing people familiar with the matter and documents.

• HoldCo has built its 3% stake in Eastern in recent months, report says
  • Wants Eastern’s management to stop its “poor allocation of capital”
• HoldCo blames Eastern’s former chief executive and board chairman, Robert Rivers, and directors for mismanagement
• A representative for Eastern did not immediately respond to requests for comment from Reuters

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