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Bank of America to double CCB stake
Published on: 2008-11-19
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Bank of America will pay 7 billion USD to almost double its stake in China Construction Bank. The biggest U.S. bank by market value will boost the three-year-old holding in China's No. 2 lender to 19.13% from 10.8% by buying shares from the government. China Construction fell 5.4% in Hong Kong at 12:15 PM on concern Bank of America may sell stock it bought in 2005 after a lockup period on that stake ended last month.
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