BofA cuts shares of China Construction

Nov. 14, 2011 at 3:10 PM
| License Photo

CHARLOTTE, N.C., Nov. 14 (UPI) -- Bank of America said it would reduce its ownership of China Construction Bank from about 10 percent to about 1 percent to raise its capital base.

Chief Financial Officer Bruce Thompson said the bank would add $2.9 billion to its capital base with $1.8 billion realized with the sale of 10.4 billion shares of China Construction common stock and the realization of deferred tax assets, the Los Angeles Times reported Monday.

BofA already sold $3.6 billion worth of China Construction shares in the third quarter. BofA, after a long run of acquisitions, is now trying to recreate itself as a smaller bank.

Already this year, BofA gave up its position as the country's largest bank to JPMorgan Chase & Co.

Related UPI Stories
Latest Headlines
Trending Stories
Einstein vindicated: Scientists find gravitational waves
Vatican: Bishops not required to report abuse to police
Nicola Griffin to appear in Sports Illustrated swimsuit issue at 56
Dementia rates decline in U.S., researchers unsure why
'El Chapo' drug empire's alleged financial operator arrested in Mexico