BofA Merrill sells remaining CCB stake

US bank offloads stake in China Construction Bank worth HK$11.4 billion (US$1.47 billion), which is the sixth time it has sold down the Chinese bank's shares since it acquired a 9% stake in 2005.

BofA Merrill sells remaining CCB stake

Bank of America Merrill Lynch on Tuesday night sold its remaining stake in China Construction Bank, one of the big four banks in China, for HK$11.4 billion US$1.47 billion.

The deal, which launched after the market close, comprised 2 billion H-shares at an indicative price range of HK$5.63-HK$5.81, representing a discount of 2.0%-5.1% to Tuesday’s closing of HK$5.93.

BofA bought a 9% stake in...

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