Bank of America sells China Construction Bank stake
NEW YORK (AFP) - Bank of America said on Tuesday it had agreed to sell its stake in China Construction Bank to the bank, exiting an investment it made eight years ago.
The US lender said it will sell approximately two billion shares, or one per cent of all outstanding shares in CCB, China's second-biggest bank, confirming earlier reports.
The statement did not provide the financial details of the sale. But at an reported price range for the shares of HK$5.63-5.81, the sale would bring in between US$1.45 billion and US$1.50 billion (S$1.85 billion and S$1.91 billion).
"The strategic assistance agreement (SAA) between Bank of America and CCB, which was recently extended to 2016, will continue," the US bank said in a statement after the US markets closed.