Bank Of America (BAC) Pulls Back From China, Sells Shares Of Bank

Talk about a sharp reversal from the land grab days when everyone was going for any China asset they could get their hands on.

AP: Bank of America Corp. raised more money Wednesday to cope with U.S. economic turmoil by selling part of its stake in China Construction Bank Ltd., China’s second-biggest commercial lender, for $2.8 billion.

Bank of America sold 5.62 billion Construction Bank shares in a move that reduced its stake from 19.1 per cent to 16.6 per cent, according to a sale sheet viewed by The Associated Press.

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