November 7, 2011 / 4:04 AM / 6 years ago

BofA considering further stake sale in CCB: report

HONG KONG (Reuters) - Bank of America Corp is considering further reducing its stake in China Construction Bank Corp, a newspaper reported said on Monday, after the bank cut its holding by half in August.

<p>The sign on a Bank of America ATM machine is pictured in downtown Los Angeles October 8, 2010. REUTERS/Fred Prouser</p>

BofA officials contacted CCB over the weekend to say that the bank was weighing selling part of its remaining CCB stake to boost its capital, the South China Morning Post reported, citing people familiar with the matter.

BofA and CCB officials declined comment.

In August, BofA sold about half its 10 percent stake in CCB raising about $8.3 billion. BofA’s remaining stake is worth about $9.2 billion based on CCB’s current market value.

CCB’s Hong Kong-listed shares were down 2.8 percent by mid-morning, while the benchmark Hang Seng Index was down 0.16 percent.

Reporting by Denny Thomas; Additional reporting by Terril Jones; Editing by Chris Lewis

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below