Reports: Bank of America Looks to Sell Stake in China Construction Bank

Bank of America is aiming to sell its stake in China Construction Bank for up to $1.5 billion, according to several published reports.

Bank of America wants 5.63 to 5.81 Hong Kong dollars ($0.73 cents to $0.75) for each of its 2 billion shares in the Chinese bank, according to reports by The Wall Street Journal and The New York Times, which each cited a document seen by their reporters.

The shares are traded in Hong Kong.

Bank of America spokesmen in Hong Kong and the U.S. didn't immediately respond to emails seeking comment.

Bank of America Corp. was one of several Western financial institutions that bought into Chinese banks. Those holdings are more problematic under new banking regulations that impose higher capital requirements.

In May, Goldman Sachs sold its remaining stake in China's biggest commercial lender, state-owned Industrial & Commercial Bank of China Ltd., for $1.1 billion.

link


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2619682, ~/Articles/ArticleHandler.aspx, 8/30/2014 6:39:01 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement