BofA might sell part of CCB stake
By Yang Zhen | China Daily | Updated: 2009-05-07 08:04
Bank of America (BofA) could soon sell shares in China's second-largest bank as part of a move that could likely fetch about a quarter of the $34 billion in additional capital it is reported to need after a US government stress test.
BofA is allowed to sell 13.5 billion shares in China Construction Bank (CCB) - a 6 percent stake worth around $8.3 billion - when a lock-up period ends today.
CCB Shares fell as much as 4.4 percent in early trading yesterday in Hong Kong due to fears of a possible BofA stake sale and ended at HK$4.75, down 0.42 percent.
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