BofA May Get $8.3B For CCB Stake
Bank of America will sell about half of its stake in China Construction Bank.
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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