NEW YORK (TheStreet) -- Bank of America (BAC) plans to sell its entire stake in China Construction Bank for up to $1.5 billion, The Wall Street Journal reported, citing a term sheet seen by the newspaper.
Bank of America will exit the investment it made in China's second-biggest bank eight years ago, the Journal noted.
Bank of America is selling 2 billion Hong Kong-listed shares in a range of 5.63 Hong Kong dollars (73 U.S. cents) to HK$5.81 each, which represents a 2.0%-5.1% discount to Tuesday's closing price of HK$5.93, the Journal reported.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV