Bank of America (BofA) will sell about half of its stake in China Construction Bank (CCB), Financial Times reports. The North Carolina-based lender will obtain a total of about $8.3 billion from the sale to a group of unnamed investors. BofA had contacted sovereign wealth funds and other investors in the Middle East and Asia for the sale. The bank will make a profit of $3.3 billion from the sale of 13.1 billion shares, after tax, and retain a 5% stake in CCB.
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