Bank of America expected to exit over half its CCB stake this week
Bank of America (BofA) is on course to sell more than half its stake in China Construction Bank (CCB) for up to $10 billion this week. A consortium of Asian and Middle East sovereign wealth funds as well as several private equity firms are in negotiations with bankers, The New York Times reported, citing two officials briefed on the talks.
BofA plans to unload at least half of its 10% holding in CCB but would sell even more for the right price, the officials added. This would appear to conflict with comments made last week by Zhang Jianguo,...
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