INTERVIEW:Bank Of New York Has No Plans To Sell HK Bk Stake
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.
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