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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: Chinese bank says Bank of America selling shares By JOE McDONALD,AP Business Writer AP - 2 hours 39 minutes ago BEIJING - Bank of America Corp. is selling part of its stake in China Construction Bank Ltd., China's second-largest state-owned lender, in a deal that could be worth up to $3 billion as the U.S. institution raises money to cope with trouble at home. Bank of America will sell 5.62 billion Construction Bank shares, the Chinese bank said in a statement Wednesday. It gave no financial details but Construction Bank shares were trading at 4.24 Hong Kong dollars (54 U.S. cents) on Wednesday morning in Hong Kong, which could make the deal worth up to $3 billion. Phone calls to Bank of America spokespeople at its Asian headquarters in Singapore and Hong Kong were not answered. "Bank of America is reducing its China Construction Bank shares due to its consideration of its own financial conditions under the current severe turbulence of the international financial crisis," the Chinese bank's statement said. "Construction Bank expresses its understanding." The sale would represent about 12 percent of Bank of America's holdings of 44.7 billion Construction Bank shares. Bank of America, based in Charlotte, North Carolina, bought 9 percent of the Chinese bank in 2005 for $3 billion and the two launched a strategic partnership amid a flurry of tie-ups between Chinese lenders and foreign partners. China has encouraged such partnerships in an effort to modernize the country's banking industry. Bank of America paid $1.9 billion in May to increase its stake in Construction Bank to 11 percent and raised its holdings to 19.1 percent in November. Other U.S. and European institutions are reported to be considering selling some of their stakes in Chinese banks to raise money. Bank of America received a $15 billion investment in preferred equity as part of the U.S. government's $700 billion industry bailout. Construction Bank, based in Beijing, is China's second-largest commercial lender by assets after Industrial & Commercial Bank of China Ltd. Bank of America and Construction Bank plan to continue their strategic cooperation, the Chinese bank said. The two banks have agreed to let their customers use each other's automatic teller machines and say they are considering other ventures. ___ On the Net: China Construction Bank Ltd.: http://www.ccb.cn 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 Bank of America reduces stake in China's CCB bank: statementAFP - 12 minutes ago China issues 3G telephone licences: state mediaAFP - 15 minutes ago China warns economic woes could trigger major unrestAFP - 1 hour 54 minutes ago Airport siege cost Thailand 8.3 bln dollars: central bankAFP - 2 hours 12 minutes ago Related Articles: Business Bank of America reduces stake in China's CCB bank: statementAFP - 12 minutes ago China issues 3G telephone licences: state mediaAFP - 15 minutes ago Japan stocks up for 7th day on hopes for US planAP - 19 minutes ago Shell's India arm buys LNG from Australia projectReuters - 19 minutes ago Russia blames Kiev for shutting down last pipelineReuters - 22 minutes ago Enlarge Photo In this Nov. 25, 2008 file photo Pedestrians walk through New York's Times Square under a glowing Bank of America marquee. China Construction Bank said Wednesday Jan. 7, 2009 that Bank of America is selling part of its stake in the major Chinese lender. (AP Photo/Craig Ruttle, file) Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Steve Jobs has "hormone imbalance," to stay on as Apple CEO Shares skyrocket as Porsche takes over Volkswagen Jett Travolta died of 'seizure': Bahamas officials Toyota to shut production plants for 11 days Pink iguanas discovered on Galapagos Islands View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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