Bank of America yesterday raised $7.3bn after selling a stake in China Construction Bank to a select group of predominantly mainland investors, according to people familiar with the matter.
The troubled US bank sold 13.5bn shares, or close to 6 per cent of CCB, at HK$4.20 each, to investors including China's Hopu Investment Management, China Life and Temasek of Singapore, according to those people.
The buying consortium is today expected to sell on a large chunk of the shares to global investors, including hedge funds.
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