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Bank of America Said to Sell $7.3 Billion CCB Stake (Update1)
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By Cathy Chan
May 12 (Bloomberg) -- Bank of America Corp., under pressure from U.S. regulators to raise money, sold a 5.8 percent stake in China Construction Bank Corp. for about $7.3 billion, said two people with knowledge of the matter.
Hopu Investment Management Co., Temasek Holdings Pte and other investors bought 13.5 billion shares sold by Bank of America, the people said, declining to be identified because they aren’t authorized to discuss the deal publicly. The shares were sold at HK$4.20 apiece, 14 percent below yesterday’s closing price, one of the people said. Bank of America spokesman Robert Stickler declined to comment.
The sale brings Bank of America Chief Executive Officer Kenneth Lewis closer to the $33.9 billion regulators say he needs to raise following stress tests of U.S. banks. The Charlotte, North Carolina-based company and foreign firms including UBS AG and Royal Bank of Scotland Group Plc have sold shares in Chinese lenders that they bought almost four years ago, after credit- market losses depleted their finances.
“The stake sale is just a small step toward raising the recommended amount of capital,” said Christian Jin, a fund manager at HI Asset Management Co. in Seoul, which oversees the equivalent of $8 billion. “Bank of America still has a long way to go to meet that target.”
The stake sold by Bank of America represents 6 percent of Construction Bank’s outstanding Hong Kong stock. A lock-up on the stake expired May 7. The U.S. bank owns another 25.6 billion shares that can’t be sold before Aug. 29, 2011. -----------
An der Börse sind 2 mal 2 niemals 4, sondern 5 minus 1.
Man muß nur die Nerven haben, das minus 1 auszuhalten. |
