Bank of America sells CCB stake for $1.47 billion

Bank of America sells last of China Construction Bank stake for $1.47 billion

Associated Press

HONG KONG (AP) -- Bank of America has sold the last of its stake in one of China's four big state-owned lenders for $1.47 billion.

The U.S. bank said Wednesday it sold 2 billion shares, or 1 percent, of China Construction Bank for 5.70 Hong Kong dollars (73.5 cents) each. Two years ago it sold a stake in the Chinese lender worth $8.3 billion.

Over the past decade, Bank of America and other Western banks bought stakes in China's major state-owned commercial lenders ahead of initial public share offerings.

The investments were aimed at building relationships to help them expand in China but most were disappointed.

Still, Chinese bank shares have multiplied in value, earning their foreign investors billions of dollars in profits.

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