Bank of New York divests Wing Hang stake

US lender takes advantage of 52 week high to offload stake.

Bank of New York sold a 4.919% stake in Wing Hang Bank yesterday Tuesday raising HK$731 million $94 million at a tight 4.5% discount to the stock's HK$53 spot close. The discount came in at almost half the level of recent placements, although the stock was down 2.7% on a day when the Hang Seng Index closed 0.2% up.

CLSA led the 14.45 million old share deal, which was marketed at a fixed price of HK$50.615. Books are said to have closed two-and-a-half times oversubscribed with participation by 50 accounts, of which 50% came from Asia and 25% each from Europe and the US.

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