BofA considering further stake sale in CCB

BofA considering further stake sale in CCB

Hong Kong: Bank of America Corp is considering further reducing its stake in China Construction Bank Corp, a newspaper reported said on Monday, after the US bank cut its holding by half in August.

BofA and CCB officials declined comment.

In August, BofA sold about half its 10% 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% by mid-morning, while the benchmark Hang Seng Index was down 0.16%.

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