Bank of America finally exits CCB

Reasons differ over time of deal that netted $1.47 billion for US firm

The sale of a stake in China Construction Bank Co Ltd held by Bank of America Corp was prompted by the latter's capital shortage rather than concerns over the Chinese finance house's profitability, said its spokesperson on Wednesday, one day after the US bank cleared 2 billion Hong Kong-listed shares of CCB for about HK$11.7 billion ($1.47 billion).

Bank of America told CCB that it has been downsizing the Chinese bank's H-shares to pump up its assets because of stricter requirements on capital quality by US banking regulators, said the spokesperson.