BofA (BAC) Strong on Relationship Extension with China Construction, Further Investment by South Korea Fund
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Bank of America (NYSE: BAC) shares are trading stronger early Monday following reports the China Construction Bank is extending its relationship with BofA/Merrill Lynch for another five years.
Reuters said it isn't clear what the nature of the relationship will be, but sources have told the media outlet BofA may be in talks to sell a potion of its $17 billion stake in CCB.
In a news conference earlier following its earnings report, CCB Chairman Guo Shuqing said BofA was happy with its investment in the bank. He said BofA did not convey plans to sell its stake in CCB. Executives also noted the bank's relationship with BofA does not hinge on BofA retaining a stake in CCB.
BofA current holds about 25.6 million CCB shares.
Elsewhere Monday, South Korea's sovereign wealth fund, Korea Investment Corp., announced it is planning to increase its stake in BofA by an additional 50 percent to $150 million.
The report comes from South Korea's Maeil Business Newspaper.
BofA shares are 2.9 percent higher early Monday. The stock last traded at $7.16.
Reuters said it isn't clear what the nature of the relationship will be, but sources have told the media outlet BofA may be in talks to sell a potion of its $17 billion stake in CCB.
In a news conference earlier following its earnings report, CCB Chairman Guo Shuqing said BofA was happy with its investment in the bank. He said BofA did not convey plans to sell its stake in CCB. Executives also noted the bank's relationship with BofA does not hinge on BofA retaining a stake in CCB.
BofA current holds about 25.6 million CCB shares.
Elsewhere Monday, South Korea's sovereign wealth fund, Korea Investment Corp., announced it is planning to increase its stake in BofA by an additional 50 percent to $150 million.
The report comes from South Korea's Maeil Business Newspaper.
BofA shares are 2.9 percent higher early Monday. The stock last traded at $7.16.
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