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.

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