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Sovereign Wealth Funds Briefing - Categorized | Asset Allocation, Compliance/Regulation/Legal, Investment, Market

Bank of America sells share of CCB rights offer to Temasek

Posted on 12 November 2010

From Bloomberg: Bank of America Corp. sold its share of China Construction Bank Corp.’s $9.2 billion rights offer to Temasek Holdings Pte, Singapore’s state investment company, as the U.S. lender boosts capital to meet a pledge to federal regulators.
Bank of America wouldn’t estimate its potential gain from the sale of its rights to buy 1.79 billion CCB shares, said Jerry Dubrowski, a bank spokesman. “The proceeds count towards the commitment we made to raise $3 billion” by Dec. 31 from gains on asset sales, he said………………………………………Full Article: Source


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