Bank of New York Co. has reached an agreement to sell 5% of Hong Kong's Wing Hang Bank to a wholly owned subsidiary of Singapore Technologies.

The sale, consisting of 12,250,000 shares, reduces Bank of New York's investment in the Hong Kong bank to 25% which the bank said it will continue to maintain.

A spokesman for the bank declined to disclose how much the bank will receive from the sale but said the transaction was fixed at a "near market price."

Bank of New York inherited its stake in Wing Hang from Irving Trust, which originally purchased the shares in 1973. This is the second time Bank of New York has recently sold shares it held in Wing Hang. It sold a 5% stake last August.

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