Bank of America to sell part of CCB stake

Reuters

NEW YORK (Reuters) - Bank of America Corp <BAC.N> is selling 13.1 billion shares of China Construction Bank <0939.HK> to a group of investors for $8.3 billion of cash, the bank said on Monday.

The deal represents about half of Bank of America's holdings in CCB, reducing its stake to about 5 percent of the Chinese lender's outstanding shares.

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After the deal was announced, Bank of America shares were up 3.6 percent at $8.04.

(Reporting by Lauren Tara LaCapra; Editing by Derek Caney)