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Bank Of America: Have Sold 5.6 Billion China Construction Bank Shares

Honk Hong, China -(Dow Jones)- Bank of America Corp. (BAC) confirmed Wednesday it has sold 5.6 billion shares in China Construction Bank Corp. (0939.HK), raising US$ 2.8 billion.

Bank of America spokesman Robert Stickler said the bank was “simply taking a little money off of the table.”

The U.S. lender’s stake in China Construction Bank fell to 16.6% from 19.1% after the sale.

People familiar with the situation said earlier Wednesday that shares in China’s second-largest lender by assets after Industrial & Commercial Bank of China Ltd. were sold at HK$3.92 each, or a 12% discount to the bank’s closing price Tuesday of HK$4.45.

China Construction Bank shares fell 5.2% to HK$4.22 at 0335 GMT.

(CNNMoney, 6 January 2009 10.57PM)