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Bank of America agrees to sale of remaining CCB stake

  • Bank of America (BAC) agrees to sell its remaining stake in China Construction Bank - about 2B shares or 1% of the company. The transaction is expected to generate a pretax gain of around $750M in Q3.
  • An early morning report had BofA offering its shares at a 5.1% discount to the previous Hong Kong close.
  • Earlier: The end of an era as global banks unload stakes in Chinese lenders.
  • Source: Press release.
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