Bank of America is facing difficulties in selling down its 10 per cent stake in China Construction Bank, partly because potential investors are expecting a deluge of rights issues, share sales and new listings from Chinese banks
BofA, which is looking to raise capital at a time when its share price has been hammered, can sell all or part of the stake when a lock-up period expires at the end of the month.
But it might now raise less than it had hoped. The BofA stake, once valued at $20bn, is now believed to be worth several billion dollars less, according to bankers.
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