U.S. Markets open in 8 hrs 12 mins

Reports: BofA seeking to sell China bank stake

The Associated Press

Bank of America is aiming to sell its stake in China Construction Bank for up to $1.5 billion, according to several published reports.

Bank of America wants 5.63 to 5.81 Hong Kong dollars (73 cents to 75 cents) for each of its two billion shares in the Chinese bank, according to reports by The Wall Street Journal and The New York Times, which each cited a document seen by their reporters.

The shares are traded in Hong Kong.

Bank of America spokesmen in Hong Kong and the U.S. didn't immediately respond to emails seeking comment.

Bank of America Corp. was one of several Western financial institutions that bought into Chinese banks. Those holdings are more problematic under new banking regulations that impose higher capital requirements.

In May, Goldman Sachs sold its remaining stake in China's biggest commercial lender, state-owned Industrial & Commercial Bank of China Ltd., for $1.1 billion.

Stock of Charlotte, N.C.-based Bank of America rose 12 cents to $14.24 in midday trading.