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...

To continue reading, please login or register for free

Click for more on: bank of america | boa | china construction bank | ccb

Print Edition

FinanceAsia Print Edition

CONFERENCES

  • Green Bonds Southeast Asia

    25 May 2017  |  Singapore
    With Green Bonds globally reaching USD200 billion outstanding in 2016, from as little as 30bn just 4 years ago, can SE Asia corporations and ...
  • 2nd Compliance Summit Southeast Asia

    17 August 2017  |  Singapore
    The 2017 Compliance Summit Southeast Asia will take an in-depth look at the key compliance considerations today with a focus on regulation and new ...