BoA Merrill sells $8.3 billion stake in CCB

The sale of China Construction Bank shares comes on the day that BoA Merrill's lockup expires and is done through a private transaction with a group of undisclosed investors.

BoA Merrill sells $8.3 billion stake in CCB
Photo: AFP

Despite repeated reassurances that it doesn’t need capital, Bank of America Merrill Lynch last night announced that it had sold slightly more than half its stake in China Construction Bank to raise $8.3 billion.

The sale, which was done in a private transaction with an undisclosed group of investors, came on the very day that the lockup on BoA Merrill’s CCB shares expired, suggesting a certain amount of urgency. It also came just days...

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