180-Chinese consortium buys CCB stake

A Chinese consortium was the biggest buyer of the China Construction Bank stake that Bank of America sold last month, according to several people familiar with the deal.

The State Administration of Foreign Exchange, which manages most of China’s $3,200bn in foreign reserves, the National Social Security Fund, and Citic Securities bought the CCB shares.

Bank of America sold 13.1bn shares in the Chinese lender – half of its 10 per cent holding – generating $8.3bn in cash for the troubled US bank, and increasing its tier one capital buffer by $3.5bn............


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