BNY Mellon Agrees to Sell Stake in Hong Kong’s Wing Hank BankCharles Stein
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. 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.