Bank of America increases stake in CCB
The US bank exercises an option to increase its ownership in China Construction Bank to 19.1%, potentially with a view to booking some profit on its earlier investment.
Bank of America announced late on Monday that it will exercise its option to buy further shares in China Construction Bank CCB, increasing its stake to 19.1% from the current 10.75%. The US lender expects the purchase will be completed by the end of November at an estimated cost of $6.3 billion.
Bank of America initially bought a strategic shareholding in CCB in 2005, when it spent $3 billion for 9% of the company. The acquisition was split into...
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