BofA considering further stake sale in CCB
The sign on a Bank of America ATM machine is pictured in downtown Los Angeles October 8, 2010. — Reuters pic HONG KONG, Nov 7 — Bank of America Corp is considering further reducing its stake in China Construction Bank Corp, a newspaper reported said today, after the bank cut its holding by half in August.
BofA officials contacted CCB over the weekend to say that the bank was weighing selling part of its remaining CCB stake to boost its capital, the South China Morning Post reported, citing people familiar with the matter.
BofA and CCB officials declined comment.
In August, BofA sold about half its 10 per cent stake in CCB raising about US$8.3 billion (RM25.77 billion). BofA's remaining stake is worth about US$9.2 billion based on CCB's current market value.
CCB's Hong Kong-listed shares were down 2.8 per cent by mid-morning, while the benchmark Hang Seng Index was down 0.16 per cent. — Reuters
