May 2 (Bloomberg) --- Bank of New York Mellon Corp., 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 firstname.lastname@example.org
To contact the editors responsible for this story: Christian Baumgaertel at email@example.com Pierre Paulden, Sree Vidya Bhaktavatsalam