August 26, 2011 / 4:58 PM / 6 years ago

Bank of America sale of CCB stake near: report

NEW YORK (Reuters) - Bank of America (BAC.N) could strike a deal as early as Monday to sell about half of its 10 percent stake in China Construction Bank, CNBC reported Friday, citing an anonymous source.

Monday brings the end of a six-year lock-up period, permitting the bank to sell the shares. The stake has been valued at about $17 billion.

The bank has been holding talks with sovereign wealth funds that might buy its shares.

A sale of the stake could raise additional capital the bank needs. On Thursday, the Bank of America said it would receive $5 billion from Warren Buffett’s Berkshire Hathaway in exchange for preferred stock and warrants.

A Bank of America spokesman declined to comment.

    Bank of America shares were up 2.1 percent in midday trading.

    Reporting by David Henry; Editing by Derek Caney

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