Bank of America (BAC +3.2%) confirms that it will sell 13.1B shares of China Construction Bank...

|About: Bank of America Corporation (BAC)|By:, SA News Editor

Bank of America (BAC +3.2%) confirms that it will sell 13.1B shares of China Construction Bank (CICHY.PK). The sale is expected to generate ~$8.3B in cash proceeds and an after-tax gain of ~$3.3B; it should generate ~$3.5B in additional Tier 1 common capital under Basel I. BofA retains a 5% stake in CCB.