BofA cuts shares of China Construction

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.