Bank of America finally exits CCB
<p><span word="Download">Download</span></p><p><span word="The">The</span> <span word="sale">sale</span> <span word="of">of</span> <span word="a">a</span> <span word="stake">stake</span> <span word="in">in</span> <span word="China">China</span> <span word="Construction">Construction</span> <span word="Bank">Bank</span> <span word="held">held</span> <span word="by">by</span> <span word="Bank">Bank</span> <span word="of">of</span> <span word="America">America</span> <span word="Corp">Corp</span> <span word="was">was</span> <span word="prompted">prompted</span> <span word="by">by</span> <span word="the">the</span> <span word="latter">latter</span>'<span word="s">s</span> <span word="capital">capital</span> <span word="shortage">shortage</span> <span word="rather">rather</span> <span word="than">than</span> <span word="concerns">concerns</span> <span word="over">over</span> <span word="the">the</span> <span word="Chinese">Chinese</span> <span word="bank">bank</span>’<span word="s">s</span> <span word="profitability">profitability</span>, <span word="said">said</span> <span word="its">its</span> <span word="spokesperson">spokesperson</span> <span word="on">on</span> <span word="Wednesday">Wednesday</span>, <span word="one">one</span> <span word="day">day</span> <span word="after">after</span> <span word="the">the</span> <span word="US">US</span> <span word="bank">bank</span> <span word="cleared">cleared</span> 2 <span word="billion">billion</span> <span word="Hong">Hong</span> <span word="Kong">Kong</span>-<span word="listed">listed</span> <span word="shares">shares</span> <span word="of">of</span> <span word="CCB">CCB</span> <span word="for">for</span> <span word="about">about</span> <span word="HK">HK</span>$11.7 <span word="billion">billion</span> ($1.47 <span word="billion">billion</span>).</p><p><span word="Bank">Bank</span> <span word="of">of</span> <span word="America">America</span> <span word="told">told</span> <span word="CCB">CCB</span> <span word="that">that</span> <span word="it">it</span> <span word="has">has</span> <span word="been">been</span> <span word="downsizing">downsizing</span> <span word="the">the</span> <span word="Chinese">Chinese</span> <span word="bank">bank</span>'<span word="s">s</span> <span word="H">H</span>-<span word="shares">shares</span> <span word="to">to</span> <span word="pump">pump</span> <span word="up">up</span> <span word="its">its</span> <span word="assets">assets</span> <span word="because">because</span> <span word="of">of</span> <span word="stricter">stricter</span> <span word="requirements">requirements</span> <span word="on">on</span> <span word="capital">capital</span> <span word="quality">quality</span> <span word="by">by</span> <span word="US">US</span> <span word="banking">banking</span> <span word="regulators">regulators</span>, <span word="said">said</span> <span word="the">the</span> <span word="spokesperson">spokesperson</span>.</p><p><span word="The">The</span> <span word="two">two</span> <span word="banks">banks</span> <span word="will">will</span> <span word="continue">continue</span> <span word="their">their</span> <span word="partnership">partnership</span> <span word="until">until</span> 2016, <span word="based">based</span> <span word="on">on</span> <span word="a">a</span> <span word="strategic">strategic</span> <span word="agreement">agreement</span> <span word="renewed">renewed</span> <span word="in">in</span> 2011.</p><p><span word="The">The</span> <span word="American">American</span> <span word="bank">bank</span> <span word="has">has</span> <span word="been">been</span> <span word="reducing">reducing</span> <span word="its">its</span> <span word="shares">shares</span> <span word="in">in</span> <span word="CCB">CCB</span> <span word="since">since</span> 2009, <span word="gaining">gaining</span> <span word="nearly">nearly</span> <span word="HK">HK</span>$210 <span word="billion">billion</span>, 1.2 <span word="times">times</span> <span word="its">its</span> <span word="purchase">purchase</span> <span word="costs">costs</span>.</p><p><span word="CCB">CCB</span>'<span word="s">s</span> <span word="H">H</span>-<span word="shares">shares</span> <span word="fell">fell</span> <span word="by">by</span> 1.35 <span word="percent">percent</span> <span word="at">at</span> <span word="the">the</span> <span word="close">close</span> <span word="of">of</span> <span word="trading">trading</span> <span word="Wednesday">Wednesday</span>. <span word="Other">Other</span> <span word="major">major</span> <span word="commercial">commercial</span> <span word="banks">banks</span> <span word="were">were</span> <span word="hardly">hardly</span> <span word="affected">affected</span> <span word="by">by</span> <span word="the">the</span> <span word="sell">sell</span>-<span word="out">out</span>. <span word="Bank">Bank</span> <span word="of">of</span> <span word="China">China</span>, <span word="Agricultural">Agricultural</span> <span word="Bank">Bank</span> <span word="of">of</span> <span word="China">China</span> <span word="and">and</span> <span word="Bank">Bank</span> <span word="of">of</span> <span word="Communications">Communications</span> <span word="Co">Co</span> <span word="saw">saw</span> <span word="increases">increases</span> <span word="of">of</span> 0.29 <span word="percent">percent</span>, 0.58 <span word="percent">percent</span> <span word="and">and</span> 0.19 <span word="percent">percent</span>, <span word="respectively">respectively</span>.</p><p><span word="Bank">Bank</span> <span word="of">of</span> <span word="America">America</span>'<span word="s">s</span> <span word="move">move</span> <span word="did">did</span> <span word="not">not</span> <span word="come">come</span> <span word="as">as</span> <span word="a">a</span> <span word="surprise">surprise</span>, <span word="said">said</span> <span word="Guo">Guo</span> <span word="Tianyong">Tianyong</span>, <span word="a">a</span> <span word="professor">professor</span> <span word="at">at</span> <span word="Central">Central</span> <span word="University">University</span> <span word="of">of</span> <span word="Finance">Finance</span> <span word="and">and</span> <span word="Economics">Economics</span>.</p><p>"<span word="Foreign">Foreign</span> <span word="capital">capital</span> <span word="in">in</span> <span word="China">China</span>'<span word="s">s</span> <span word="banking">banking</span> <span word="sector">sector</span> <span word="has">has</span> <span word="been">been</span> <span word="receding">receding</span> <span word="for">for</span> <span word="quite">quite</span> <span word="a">a</span> <span word="while">while</span> <span word="because">because</span> <span word="the">the</span> <span word="economic">economic</span> <span word="slowdown">slowdown</span> <span word="and">and</span> <span word="financial">financial</span> <span word="reforms">reforms</span> <span word="have">have</span> <span word="hampered">hampered</span> <span word="the">the</span> <span word="growth">growth</span> <span word="potential">potential</span> <span word="of">of</span> <span word="China">China</span>'<span word="s">s</span> <span word="State">State</span>-<span word="backed">backed</span> <span word="banks">banks</span>."</p>
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