, China

China Construction Bank Corp loses ties with Bank of America

BofA will sell its remaining 10.4 billion CCB shares to private investors this month.

Bloomberg noted that Bank of America expects after-tax gain of $1.8billion. And after its latest sale, BofA will only have 1% stake in CCB.

The lender plunged more than 50 percent this year in New York trading amid investor concern that it may sell shares to replenish capital after about $40 billion of expenses caused by faulty mortgages, said Bloomberg.

In a Bloombert TV interview, Frederick Cannon, director of research at New York-based KBW Inc. said “Bank of America continues to do a lot of things to fix their capital issue, but everything has reduced the capacity for the company to earn money.”
 

View the full report here.

Follow the link for more news on

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

China banking focuses on credit structure optimisation
PwC said the sector needs to continue to implement strategic initiatives.
Markets
Overseas expansion impacts Korean banks’ OE score
Despite Korea's high GDP per capita, the current level suggests there's still room for improvement.
Markets
Nium, Thredd expand virtual card partnership
The two fintech companies have issued 86 million virtual cards worldwide.