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BofA sells last CCB stake
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Bank of America sold a US$1.47 billion stake in China Construction Bank yesterday, the latest foreign lender to shed its interest in a Chinese lender after initial optimism about the potentially lucrative market eased.
The US bank sold 2 billion shares, or 1 percent, of CCB, one of China’s four major state-owned commercial lenders, for HK$5.70 (74 US cents) each. The shares were the last of its stake in the Beijing-based lender.
Over the past decade, BofA and other Western banks bought stakes in China’s major state-owned commercial lenders ahead of their initial public offerings.
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