By Reuters
Bank of America sold about $7.3 billion worth of shares in China Construction Bank, media reported, as the struggling US bank seeks to
raise money to weather the financial crisis.
The US bank sold 13.5 billion shares, or 6 per cent of Construction Bank, at HK$4.20 each to investors including Hopu Investment Management Co and Singapore state investment agency Temsek Holdings, Bloomberg reported, citing two people with knowledge of the matter.
That was the maximum stake Bank of America was allowed to sell after a recent lock-up lapsed. The sale cuts Bank of America's stake in CCB to 10.6 per cent.
A Bank of America spokesman declined to comment.
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