On Air Now

Listen

Listen Live Now » 95.5 FM Wausau, WI

Weather

Current Conditions(Wausau,WI 54403)

More Weather »
57° Feels Like: 57°
Wind: ESE 10 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

Mostly Cloudy 66°

Tonight

Mostly Clear 42°

Tomorrow

Partly Cloudy 69°

Alerts

Bank of America sale of CCB stake near: report

NEW YORK (Reuters) - Bank of America could strike a deal as early as Monday to sell about half of its 10 percent stake in China Construction Bank, CNBC reported Friday, citing an anonymous source.

Monday brings the end of a six-year lock-up period, permitting the bank to sell the shares. The stake has been valued at about $17 billion.

The bank has been holding talks with sovereign wealth funds that might buy its shares.

A sale of the stake could raise additional capital the bank needs. On Thursday, the Bank of America said it would receive $5 billion from Warren Buffett's Berkshire Hathaway in exchange for preferred stock and warrants.

A Bank of America spokesman declined to comment.

Bank of America shares were up 2.1 percent in midday trading.

(Reporting by David Henry; Editing by Derek Caney)

Comments