- 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.
Bank of America agrees to sale of remaining CCB stake
Sep 3 2013, 16:15 ET