The Wall Street Journal reported, citing a term sheet seen by the news source, Bank of America is selling its entire stake in China Construction Bank for up to $1.5 billion, exiting an investment it made in China’s second-biggest bank eight years ago.
The Journal noted that the bank sold its remaining 1% share in the Chinese lender after selling most of its stake in August and November 2011 to improve its capital position.
To read the Wall Street Journal story click here.