Bank of America Corp (BAC.N) is selling about half its stake of China Construction Bank (0939.HK) to a group of investors for $8.3 billion in cash, the bank said on Monday. Bank of America's agreement to sell 13.1 billion shares of CCB will reduce its holdings to about 5 percent of the Chinese lender's outstanding shares. The sale is latest in a by the bank to shed assets and boost its capital in advance of new financial industry rules that take effect over the next decade. Bank of America paid $3 billion for a 9.9 percent stake in CCB, the world's No. 2 bank by market value, before the Chinese lender's IPO in 2005.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC traded higher by 4.01% or $0.311/share to $8.07. In the past year, the shares have traded as low as $6.01 and as high as $15.31. On average, 235951008 shares of BAC exchange hands on a given day and today's volume is recorded at 80434816.
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