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Bank of America to sell another stake in Chinese bank for gain of $1.8 billion
CHARLOTTE, North Carolina (AP) ' Bank of America is selling most of its remaining shares in China Construction Bank, expecting an after-tax gain of about $1.8 billion.
It said Monday that about 10.4 billion shares will be sold through private transactions with a group of investors. Bank of America will hold about 1 percent of the Chinese company's common shares after the transactions close.
Bank of America Corp., based in North Carolina, had owned about 10 percent of China Construction before it announced plans in late August to begin cutting its stake.
It's the latest initiative by Bank of America to increase its capital base to comply with new international regulations governing large banks. The bank has taken several steps recently to sell noncore assets and businesses.