The Bank of New York today has sold an equity stake of approximately 5 per cent, or 14,450,000 shares, in Hong Kong-based Wing Hang Bank. The bank explains the sale as part of its “continuing strategy of re-allocating capital to its primary businesses.”
BNY says it retains an equity stake in Wing Hang Bank of approximately 20 per cent, and remains confident in Wing Hang’s management and its business strategy. Founded in 1937, Wing Hang Bank has been listed on The Stock Exchange of Hong Kong Limited since 1993 and is the 6th largest listed bank in Hong Kong based on September 2003 assets of HK$85 billion.