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Bank Of America Corp (BAC) Financial News - China Construction Bank Rises on Report BofA May Sell Stake

Bank Of America Corp (BAC)

China Construction Bank Rises on Report BofA May Sell Stake

Quote: China Construction Bank Corp. (939)Bank of America Corp. (BAC) began talks with funds in Kuwait and Qatar on selling part of its stake in the Chinese lender. Hang Seng Finance index (HSF)Hang Seng index. Bank of America has held talks with the sovereign wealth funds of Kuwait and Qatar, Reuters reported, citing people it didn’t identify. The U.S. bank may sell some of its stake in Construction Bank, the world’s second-largest lender by market value, to boost capital before new international standards take effect, three people briefed on the plans told Bloomberg in June. “If the investment funds of Kuwait and Qatar really come in to buy the shares of CCB, that will certainly ease the overhang on the stock,” Sheng Nan, a Shanghai-based analyst at UOB Kayhian Investment Co. who rates Construction Bank a “buy,” said by phone today. “They hold a longer-term horizon view and they don’t have funding needs like U.S. banks.” Agricultural Bank of China Ltd. (1288), the country’s third- largest bank by market value. The Qatar fund holds about 22 percent of the lender’s Hong Kong-listed shares while the Kuwait fund has 6.4 percent, according to Bloomberg data. Rob Stewart, a Hong Kong-based spokesman at Bank of America, declined to comment on the Reuters report. Bank of America holds about 10 percent of Construction Bank, according to data compiled by Bloomberg, a stake valued at about $17 billion based on yesterday’s closing price. Shares of Construction Bank have lost 24 percent this year, while the Hang Seng Finance index is down 20 percent. Hong Kongstong17@bloomberg.net csomayaji@bloomberg.net ...
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