Finance / United States
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Bank Of America Ups China Construction Bank Stake
May 2008 | Corporate Financing News AlertSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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On May 27 Bank of America (BoA) announced that it will exercise its options to purchase 6bn Hong Kong-listed shares in China Construction Bank (CCB). BoA, which bought a 8.2% stake in the bank in 2005 for US$3bn, is increasing its stake to 10.75%. BoA's Chief Financial Officer Joe Price announced that the bank will purchase the stake on or around June 5 from CCB's main shareholder SAFE Investments (Huijin), a Chinese government investment arm.