BUSINESS WORLD
online Business
Thursday, 15 September 2011
Bank of America sells half its stake in Bank of China
Bank of
America
sells
half
its stake in
Bank of China
Bank of
America
is selling
almost
half of its
ten percent
share
in China Construction
Bank for $
8.3 billion
in cash.
The
largest U.S. bank
said the sale
could help strengthen
its capital base
to meet the new
standards,
known as Basel
III.
13100000000
decided to
sell shares
in
the Chinese bank
to
an investor group
that has no name
.
The sale is
expected to be completed
in the third quarter
and must create
an
after-tax gain
of $
3.3 billion
.
There are
plans to increase its
core capital of
3.5 million
dollars.
The sale
is the latest move
of the bank to
the boos
of
their capital base
, and the
CFO (
Chief
Financial
Officer
) Bruce
Thompson
said he had
added
about $
5.8 billion
of
its own funds
during the month
of August, "
with
the help of
non-core assets
sales
and
other actions. "
Information on the sale
of shares of
Bank
of America increased
by 5.3
percent in New
York.
In the last week
of actions
encountered
cost
concerns you may have
a capital increase
out
with one hand
to offer not only
to collect the
Basel
III
, but
to deal with
problems
List
million
mortgages on their books
.
Last week in
the U.S.
billionaire Warren Buffett
said his
Berkshire
Hathaway
will invest
$ 5
billion in
Bank of
America
and allowed the
management team
strappingly
the bank.
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