Bank of America (BofA) has held negotiations with the Kuwait Investment Authority and the Qatar Investment Authority about offloading some of its holdings in China Construction Bank (CCB), Reuters reports. The lender owns nearly 10% of CCB’s Hong Kong-listed shares, valued at about $17 billion. The bank is expected to sell 50% of its stake as it seeks about $50 billion to meet new capital requirements. BofA bought a 9.9% stake in CCB, the world’s second largest bank by market value, for $3 billion before the Chinese lender’s IPO in 2005. It now owns 25.6 million shares, including 23.6 million that can be sold after August 29. The bank can sell the rest of the shares in 2013.
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