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Bank of New York Mellon Corp. (BK) has no plans to sell its stake in Hong Kong lender Wing Hang Bank Ltd. (0302.HK) even though it has made repaying the US$3 billion it owes the Troubled Asset Relief Program fund a priority, a senior Asia Pacific executive said.

“We are not looking to sell Bank of New York Mellon’s stake in Wing Hang Bank,” said Christopher Sturdy, Bank of New York Mellon’s Asia Pacific chairman. “The Wing Hang Bank investment has been very sound and profitable for the company - a really good investment for us over time and it continues to be so.”

Bank of New York Mellon now owns a 20.28% stake in the family run mid-sized Hong Kong lender - a legacy investment the bank has had since 1998 when it merged with Irving Trust Co.

By: onlinewsj.com     Read more >>

Nasdaq OMX Group Inc. (NDAQ) reported Thursday a 22% fall in first quarter profit Thursday and is examining further pricing initiatives amid continuing falls in its share of U.S. equity trading.

Bob Greifeld, chief executive of the transatlantic exchange operator, admitted he was “disappointed” with the U.S. equity performance, but pointed to potential earnings’ drivers in other areas such as clearing and derivatives.

He also pointed to some signs of life in the Initial Public Offerings market, with 98 applicants “on file”. “We are one or two ‘good news cycles’ away from having the IPO market come back in a reasonable format,” Greifeld said in an interview.

By: online.wsj.com     Read more >>