ccb-acquires-bank-of-americas-hong-kongmacau-business

CCB acquires Bank of America's Hong Kong-Macau business

China Construction Bank to acquire Bank of America Asia (which comprises Bank of AmericaÆs Hong Kong and Macau branches) for HK$9.7 billion ($1.24 billion).

By Sameera Anand

August 24, 2006

At a press conference called on August 24 to release its financial results China Construction Bank Corp. ôCCBö announced it had agreed to acquire Bank of America Asia which comprises Bank of AmericaÆs Hong Kong and Macau branches for HK$9.7 billion $1.24 billion.

Bank of America Asia was founded in 1912 as Bank of Canton and today encompasses 14 branches in Hong Kong and 3 branches in Macau. About two thirds of its revenue is derived from its personal banking business. Kenneth D Lewis, Bank of America chairman and chief executive officer commented while Bank of America will continue to invest in and build out our wholesale banking businesses in Asia, this sale...

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