Bank of America to sell 13.1B shares of China Construction Bank
Published: August 29, 2011
Time posted: 9:38 am
Tags: Bank of America Corp., China Construction Bank Corp., Warren Buffett
Bank of America Corp. today said it has agreed to sell about 13.1 billion common shares of China Construction Bank Corp. to a group of unnamed investors.
The Charlotte-based bank said the sale, slated to close in the third quarter, is expected to generate roughly $8.3 billion in cash and an after-tax gain of about $3.3 billion.
Bank of America announced the deal just days after Warren Buffett said he would invest $5 billion in the bank.
Bank of America will retain a roughly 5 percent ownership of CCB after the deal closes.