bank of america to sell more china construction stake
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Bank of America to sell more China Construction stake

Arab Today, arab today

Arab Today, arab today Bank of America to sell more China Construction stake

New York - AFP

Embattled Bank of America said on Monday it will sell the bulk of its shares in China Construction Bank in deals expected to net an after-tax gain of about $1.8 billion. Bank of America said in a statement it would continue to hold about 1.0 percent of the common shares of CCB following the private sales of 10.4 billion shares, underscoring that the two banks' strategic partnership remains intact. In August the struggling US banking giant sold roughly half of its 10 percent share in the company for $8.3 billion, strengthening its capital base and better implementing tougher standards imposed by global regulators. Bank of America did not identify who was acquiring its shares of CCB, describing the buyers only as "a group of investors." The transactions are expected to be completed this month, it said. The Charlotte, North Carolina-based bank is under pressure to reduce its investments in order to strengthen its capital base and meet the new international capital standards. "Our decision to sell the bulk of our remaining shares in China Construction Bank is consistent with our stated objective of continuing to build a strong balance sheet," BofA's chief financial officer, Bruce Thompson, said in the statement. Thompson said the share sales would generate approximately $2.9 billion in additional Tier 1 common capital. Bank of America has struggled to recover from the 2008 financial meltdown and its disastrous acquisition of troubled mortgage lender Countrywide Financial, which has resulted in lawsuits after the crash of the US housing market. Investors have been dumping the US bank's stock amid fears that its legal woes and the sluggish US economy would prevent it from raising enough capital to meet the Basel III standards imposed after the financial crisis. The 2008 crisis exposed many banks as undercapitalized, and the Basel III requirements have proved to be a headache for Bank of America and other US banks. Under the rules, which are being implemented in phases from 2013 to 2019, banks need to reduce their debt-to-capital ratios and can no longer count certain kinds of risky assets as their base capital.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

bank of america to sell more china construction stake bank of america to sell more china construction stake

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

bank of america to sell more china construction stake bank of america to sell more china construction stake

 



GMT 15:46 2018 Wednesday ,12 December

Festive Fashion by Dubai-based designer ASMARAÏA

GMT 17:43 2016 Monday ,15 August

Libya forces press assault on last Daesh positions

GMT 09:32 2018 Wednesday ,12 December

Huawei CFO gets bail; China detains ex-Canadian diplomat

GMT 19:48 2016 Friday ,01 January

Rwandan president announces he will seek third term

GMT 20:46 2017 Tuesday ,14 March

French probe opened into 2016 Vegas trip by Macron

GMT 10:13 2017 Saturday ,04 November

Britain, US oppose Russian bid

GMT 06:03 2017 Wednesday ,30 August

Egypt, Belarus FMs confer on bilateral ties

GMT 13:09 2017 Monday ,20 February

Refuses to convert his novel to unethical one

GMT 15:38 2017 Tuesday ,28 March

Erdogan urges quick EU decision on membership bid
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday