Bloomberg News

Bank of America Sees $750 Million Pretax Gain on CCB Stake Sale

September 03, 2013

Bank of America Corp. (BAC:US) confirmed plans to sell its remaining stake in China Construction Bank Corp. (939) for a gain of about $750 million before taxes.

The two banks intend to maintain their strategic agreement, Bank of America said today in a statement. The stake represents about 2 billion shares, or 1 percent of all CCB shares outstanding, the Charlotte, North Carolina-based company said.

To contact the reporter on this story: Rick Green in New York at rgreen18@bloomberg.net

To contact the editor responsible for this story: Steven Crabill at scrabill@bloomberg.net


Burger King's Young Buns
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Companies Mentioned

  • BAC
    (Bank of America Corp)
    • $15.51 USD
    • 0.01
    • 0.03%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus