BofA Sheds Even More Chinese Bank Shares
Bank of America is continuing to shed assets as a means of raising capital. Scott Graf reports that the bank is selling most of its remaining shares in China Construction Bank. The deal is expected to generate nearly $2 billion for the Charlotte bank. That comes after the company sold off about $8 billion worth of shares in the Chinese bank in August. Prior to the August sale, Bank of America had owned about 10 percent of CCB shares. Getting rid of its stake in China Construction Bank is part of Bank of America's effort to do away with some of its non-core assets. Bank leaders have said a smaller, more streamlined Bank of America will perform better for investors. The sale is also the latest initiative by Bank of America to increase its capital base to comply with new international regulations governing large banks.