Clifford Chance (CC) and Cleary Gottlieb Steen & Hamilton have taken lead roles on Bank of America's $7.3bn (£4.7bn) sale of a 16% stake in China Construction Bank (CCB), reports The Am Law Daily. Under pressure from regulators to raise capital, many US banks are now looking for cash, and BoA announced last week that it would sell its 3.5 billion shares of CCB as part of a plan to raise nearly $35bn (£23bn) in capital.Under the terms of the agreement, BoA's CCB stake will be sold to a group of investors that includes China Life Insurance, Chinese private equity firm Hopu Investment Management and Singapore's sovereign wealth fund Temasek Holdings.
May 19, 2009 at 06:16 AM
1 minute read
The original version of this story was published on Legalweek
Clifford Chance (CC) and Cleary Gottlieb Steen & Hamilton have taken lead roles on Bank of America’s $7.3bn (£4.7bn) sale of a 16% stake in China Construction Bank (CCB), reports The Am Law Daily.
Under pressure from regulators to raise capital, many US banks are now looking for cash, and BoA announced last week that it would sell its 3.5 billion shares of CCB as part of a plan to raise nearly $35bn (£23bn) in capital.
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