Bank of America sells $7.3 bln CCB stake-source

Published: 12 May 2009 01:01:41 PST

HONG KONG, May 12 - Bank of America sold $7.3 billion worth of shares in China Construction Bank to a group of investors, a source said on Tuesday, as the struggling U.S. bank seeks to raise cash.

A unit of China Life Insurance Co Ltd, Singapore state investment agency Temasek Holdings, and China's Hopu Investment Management Co, were part of the consortium, the source said. The source was directly involved in the deal but not authorised to speak on the record about it.

The sale involved 13.5 billion Construction Bank shares sold at HK$4.20 each, said the source, a 14.3 percent discount to their Monday closing price. CCB shares ended up 1.63 percent at HK$4.96.