Bank of America Sells Share of CCB Rights Offer to Temasek
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Bank of America Corp. sold its share of China Construction Bank Corp.’s $9.2 billion rights offer to Temasek Holdings Pte, Singapore’s state investment company, as the U.S. lender boosts capital to meet a pledge to federal regulators.
Bank of America wouldn’t estimate its potential gain from the sale of its rights to buy 1.79 billion CCB shares, said Jerry Dubrowski, a bank spokesman. “The proceeds count towards the commitment we made to raise $3 billion” by Dec. 31 from gains on asset sales, he said today in a phone interview. The bank had accrued $1.9 billion in gains as of Sept. 30.