Self Explanitory

August 29, 2011 10:04 AM EST | AP

NEW YORK — Bank of America Corp. is selling half of its stake in China Construction Bank Corp., aiming to shore up its capital base.

The nation’s largest bank by assets is selling roughly 13.1 billion shares in the Chinese bank for $8.3 billion to a group of investors it did not name. The sale should generate an after-tax gain of $3.3 billion, and should close by the end of next month.

The Charlotte, N.C. bank will still own about 5 percent of China Construction Bank after the sale. It currently owns about 10 percent.

The sale is the bank’s latest move to increase its capital base to comply with new regulations. Finance Chief Bruce Thompson says the bank has raised about $5.8 billion in August.
Interesting that HuffPo sees ‘no need to allow comment’ on this ‘tidbit’

BoA just got 5blarge from Berkshire Hathaway, and yet they feel the need to ‘shore up’ assets?


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