Goldman Sachs Group Inc has been hired by the biggest shareholder of Wing Hang Bank Ltd to advise on the sale of the $4.5 billion Hong Kong lender which promises buyers a route into mainland China.A sale would be the second this year for a family-owned Hong Kong lender after Chong Hing Bank Ltd, with suitors attracted by the prospects of overseas expansion as well as the city's rapidly growing offshore yuan fixed-income market.The family of Chairman Patrick Fung as well as a family-linked affiliate and Bank of New York Mellon Corp - which own a combined 45 percent of Wing Hang - said in September they had received preliminary offers from third parties that they did not identify.Suitors preparing to bid in mid-December include Singapore's Oversea-Chinese Banking Corp Ltd, China's Anbang Insurance Group and Agricultural Bank of China Ltd, and Canada's Bank of Nova Scotia, two people familiar with the matter told Reuters.
The Bank of Nova Scotia (the Bank) is a diversified financial institution. Shares of BNS fell by 1.89% or $-1.16/share to $60.24. In the past year, the shares have traded as low as $52.05 and as high as $63.50. On average, 392155 shares of BNS exchange hands on a given day and today's volume is recorded at 623206.
The Goldman Sachs Group, Inc. (Goldman Sachs) is a global investment banking, securities and investment management firm that provides a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Shares of GS fell by 0.98% or $-1.67/share to $168.05. In the past year, the shares have traded as low as $115.62 and as high as $171.58. On average, 3350180 shares of GS exchange hands on a given day and today's volume is recorded at 3288158.
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