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Business Briefing / Banking

BofA to sell Chinese shares

January 07, 2009|TIMES STAFF AND WIRE REPORTS

China Construction Bank said Bank of America was selling part of its stake in the major Chinese lender, a move that could raise as much as $3 billion for the U.S. banking giant.

The Chinese bank gave no financial details but said Bank of America would sell 5.6 billion shares. That could be worth up to $3 billion based on the Asian bank's stock price of 4.24 Hong Kong dollars (54 U.S. cents) a share in early Hong Kong trading Wednesday.

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