A syndicate including Temasek, the Singapore state investment agency, and a number of Chinese institutions has bought 10.4bn shares in China Construction Bank from Bank of America for about $6.6bn, according to people familiar with the transaction.
The sale, which represents a holding in CCB of about 4 per cent, is BofA’s second significant disposal of shares in three months, following the transfer of a 5 per cent stake to a China/Singapore syndicate in August. The latest deal leaves the US bank with 1 per cent.
The second-largest US bank by assets said it would receive about $6.6bn for the shares, netting about $2.9bn in profit or $1.8bn after tax. CCB said that BofA’s sale reflected “its own needs” and would not affect its business or development.