August 26, 2011 / 4:58 PM / 7 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.

A construction site of the Hong Kong headquarters of China Construction Bank (Asia) is seen in front of Bank of America Tower at Hong Kong's financial Central district August 25, 2011. REUTERS/Bobby Yip

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

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below