A sign for a Bank of America office is pictured in Burbank, California
Bank of America has agreed to sell its stake in Chinese Construction to an unidentified group of investors for $8.3 billion. REUTERS

Bank of America Corp is selling 13.1 billion shares of China Construction Bank to a group of investors for $8.3 billion of cash, the bank said on Monday.

The deal represents about half of Bank of America's holdings in CCB, reducing its stake to about 5 percent of the Chinese lender's outstanding shares.

After the deal was announced, Bank of America shares were up 3.6 percent at $8.04.