Bloomberg News

BNY Mellon Agrees to Sell Stake in Hong Kong’s Wing Hank Bank

May 02, 2014

May 2 (Bloomberg) --- Bank of New York Mellon Corp. (BK:US), the world’s largest custody bank, agreed to sell its stake in Hong Kong-based Wing Hang Bank Ltd. (302) to Oversea-Chinese Banking Corporation Ltd., the New York-based bank disclosed today in a filing.

BNY Mellon said its equity investment had a fair value of $1 billion and a book value of $544 million. The holding generated $95 million of income in 2013, including $37 million from the sale of a property, according to the filing. The sale is expected to close in the third quarter of 2014.

To contact the reporter on this story: Charles Stein in Boston at cstein4@bloomberg.net

To contact the editors responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net Pierre Paulden, Sree Vidya Bhaktavatsalam


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Companies Mentioned

  • BK
    (Bank of New York Mellon Corp/The)
    • $39.68 USD
    • -0.57
    • -1.44%
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