Chinese banking officials said Bank of America Corp. will keep at least half of its 10% stake in China Construction Bank Corp., disappointing investors who hoped the largest U.S. bank by assets would sell more of the Chinese lender's shares according to the Wall St Journal
Investors have been viewing the stake, valued at $19.6 billion at midyear, as a prime candidate for divestiture. BofA's shares have been under pressure amid questions about whether the bank can build enough capital through asset sales to withstand future economic shocks.
CCB President Zhang Jianguo told reporters Monday in Beijing that the U.S. lender has…
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