Wells Fargo Said to Eye Sale of $1 Billion Hong Kong Bank Stake
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Wells Fargo & Co. is considering a sale of its minority stake in a Hong Kong lender, as the U.S. bank continues to unload assets as part of a turnaround plan, people with knowledge of the matter said.
San Francisco-based Wells Fargo has been studying a divestment of a 20% stake in Shanghai Commercial Bank Ltd. that it’s owned for decades, the people said, asking not to be identified because the information is private. The holding, which Wells Fargo considers as non-strategic, could fetch nearly $1 billion, according to the people.