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.
The sale of the CCB stake comes as BofA Merrill tries to clean up its balance sheet by selling off non-core assets.
The sale of the CCB stake comes as BofA Merrill tries to clean up its balance sheet by selling off non-core assets.

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 CCB for $3 billion in 2005 and this is the sixth time the bank has sold the  shares down since the two lenders were tied together. In total, the US bank has made $16.37...

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