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.


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