Bank of New York Mellon Corp. may have withdrawn the sale of its subsidiary Alcentra, Bloomberg reports. It cited three people with knowledge of the plan. The custody bank had appointed Credit Suisse Group to manage the sale of the U.K. asset management and investment group.
Alcentra is 95.5 percent owned by the bank and 4.5 percent by employees. The unit, which became a subsidiary of Bank of New York in 2006, manages $17 billion of loans and high-yield bonds in the U.S. and Europe.
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