January 12, 2009
Bank of America will sell stake in China Construction Bank
BEIJING
Bank of America Corp. is selling part of its stake in China’s second-largest bank, China Construction Bank Ltd. said Wednesday.
It’s a sale that could be worth up to US$3 billion as the U.S. financial company raises money to cope with turmoil in its home market.
Bank of America, based in Charlotte, North Carolina, bought nine per cent of Construction Bank in 2005 for US$3 billion and paid US$1.9 billion in May to raise its stake to 11 per cent. It was not immediately clear what proportion of Construction Bank shares it would own if the sale announced Wednesday goes ahead as planned. State-owned Construction Bank, based in Beijing, is China’s second-largest commercial lender by assets.
Associated Press
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