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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Bank of America denies China pressured it to drop bank stake sale AFP - Tuesday, December 23 BEIJING (AFP) - - Bank of America, a major shareholder in China Construction Bank, has dismissed a report that it called off plans to sell a three-billion-dollar stake following objections from Beijing. "We suspended the sale of the shares for our own internal reasons," said Bank of America spokesman Robert Stickler in a statement emailed to AFP late Monday. The Financial Times last week cited people familiar with the situation as saying that Bank of America chief executive Ken Lewis scrapped the plans after a phone call with Guo Shuqing, his counterpart at China Construction Bank. It said dealmakers believe "Beijing was unhappy about the timing", which is likely to fuel fears that overseas investors struggling under the financial crisis will have difficulty offloading lucrative holdings in China's banks. Bank of America's stake in China Construction Bank rose to 19.1 percent after it exercised an option last month to nearly double its stake, but had been widely expected to sell part of the shares it acquired. Stickler did not rule out the possibility of a disposal of some stakes in the Chinese bank in the future, but insisted that it would remain a shareholder. "I cannot speculate on when or whether we might sell CCB shares, but it is certainly possible we would do so in the future while keeping a significant ownership stake in CCB," he said. He added that the relationship between the two banks "has never been stronger" and the American bank enjoys "a very solid relationship with the Chinese government". Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Stocks hold gains after disappointing housing dataAP - 51 minutes ago US, European stocks up despite weak economic dataAP - 1 hour 1 minute ago FOREX-Dollar down as US economy woes take center stageReuters - 2 hours 32 minutes ago China urges US to prevent trade protectionismAP - Wednesday, December 24 Related Articles: Business PNC, National City shareholders approve mergerAP - 26 minutes ago Russia's MegaFon profit up 19pct in third qtrReuters - 35 minutes ago Las Vegas Sands lays off 500 in Macau-WSJReuters - 38 minutes ago Diamond credit card shines in crisis-hit KazakhstanReuters - 41 minutes ago Satyam barred from World Bank businessReuters - 43 minutes ago Enlarge Photo Bank of America denies China pressured it to drop bank stake sale Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US economy shrinks as IMF warns of Great Depression Quake zone hero pig named China's animal of the year Weak sales could topple US carmakers despite bailout Two Chinese giant pandas head for Taiwan Actress Jennifer Aniston appears naked in GQ magazine View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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