Bank of America Takes $3 billion Stake in China Construction Bank

CHARLOTTE, NC – Bank of America Corporation today announced a definitive agreement to buy approximately 9 percent of the stock of China Construction Bank (CCB) for $3 billion, with the option of increasing its stake in future years.

“This investment is aimed at creating a long-term benefit by partnering with the best positioned bank in China, which is one of the fastest growing economies in the world with 1.3 billion consumers,” said Kenneth D. Lewis, Bank of America chairman and chief executive officer. “CCB has undergone an impressive transformation in the last several years. They have built a leading franchise in China, and we see value in combining their local knowledge and distribution with our product expertise, technology and experience with size and scale. Under our agreement, we will offer CCB the benefit of our experience in such areas as governance, risk management, credit cards, consumer banking and treasury services.”