Bank of America Corp (BAC.N) may sell its stake in China Construction Bank Corp (601939.SS) later this year in an effort to comply with new industry capital rules, Bloomberg reported on Monday. BofA may sell half of its shares in Beijing-based China Construction, but would remain a strategic investor in the bank, Bloomberg reported, citing sources briefed on the plans. The largest U.S. bank by assets currently holds a $21 billion stake in China Construction, totaling 25.6 billion shares. The sale would be driven by tougher capital rules for the largest banks globally, and an expected capital surcharge in the U.S. for so-called systemically important banks, Bloomberg reported.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC fell by 0.5% or $-0.0531/share to $10.63. In the past year, the shares have traded as low as $10.91 and as high as $16.18. On average, 131075000 shares of BAC exchange hands on a given day and today's volume is recorded at 38460640.
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