Bank of America reduces stake in CCB
Does this strike you as a savvy move? Bank of America made a roughly $1.1 billion profit on the sale of its stake in China Construction Bank. The $2.83 billion sale reduced the bank's stake from 19.1 percent to 16.6 percent, notes the Financial Times. The sale was expected. In fact, there was a previous attempt to sell shares in December that was called off for reasons that remain unclear. UBS has sold off its share in the Bank of China, and other foreign investors are expected to do the same. Certainly, Western banks are in capital raising mode.
For more:
- here's the FT article
Related Articles:
Bank of America news from FierceFinance
China Construction Bank news from FierceFinance
Bank of China news from FierceFinance
Comments