CIC Buys Stake in CCB from BOA

China Investment Corp., the country's sovereign wealth fund, announced on November 18 that it has bought 2.76 billion shares in China Construction Bank, China's second largest bank, from Bank of America. 

CIC paid BOA a total of US$ 1.75 billion, or about US$ 0.6 per share. 

According to CCB's statement, between November 11 and 14, BOA has sold a total of 10.4 billion shares to various institutions, which amounts to 4.14 percent of CCB's total equity. The transactions are expected to be completed by the fourth quarter. After the sales, BOA will still hold 2.148 billion of CCB's Hong Kong shares, or 0.86 percent of its total equity.