Arab Today, arab today bank of america to sell china construction bank stake
Last Updated : GMT 01:44:12
Arab Today, arab today
Arab Today, arab today

Bank of America to sell China construction bank stake

Arab Today, arab today

Arab Today, arab today Bank of America to sell China construction bank stake

Hong kong - AFP

Bank of America will sell its entire stake in China Construction Bank (CCB) for around $1.5 billion, a report said Tuesday, exiting an investment it made eight years ago. The US lender is selling two billion Hong Kong-listed shares in China\'s second biggest bank at between HK$5.63 ($0.73) and HK$5.81, Dow Jones Newswires reported. Bank of America initially paid $3 billion for a 10 percent stake in CCB in 2005 but sold most of it off two years ago in a bid to improve capital and shed assets unrelated to traditional banking, Dow Jones said. The announcement comes after CCB reported its first-half net profit rose 13 percent due to higher interest income and commissions, Dow Jones said. The US bank\'s shares in the Chinese lender are worth between $1.45 billion and $1.50 billion, according to a term sheet seen by AFP. It owned about a one percent stake in CCB before Tuesday.

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Arab Today, arab today bank of america to sell china construction bank stake Arab Today, arab today bank of america to sell china construction bank stake

 



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