BNY Mellon’s business division has secured regulatory nod to sell its stake in a joint venture (JV) project with China’s Western Securities.
The JV, BNY Mellon Western Fund Management, was created in July 2010 and is 51% owned by Western Securities, 49% by BNY Mellon.
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In a statement posted on the Shenzhen stock exchange, Western Securities said that Shanghai Leadbank Asset Management will acquire the stake.
Shanghai Leadbank intends to spend around CNY147m (($24m) for the acquisition, according to Reuters.
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