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Bank of America Has Plans to Sell CCB Shares Raising $1.8 Billion

11/15/11

BofA Has Plans To Sell CCB Shares Raising $1.8 Billion

Bank of America has plans to sell almost all of its remaining shares in China Construction Bank (CCB) to unidentified private investors. This deal is expected to raise about $1.8 billion. The sale of CCB shares will leave BofA with only 1 percent share in the Chinese lender. This is the second time in three months that BofA is trimming its holdings in the Chinese lender. The CCB share sale is expected to close by the end of the month. Cleary Gottlieb Steen & Hamilton team will be advising BofA on the matter.

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