Bank of America needs $34 billion in extra cash, a source familiar with U.S. government stress tests on leading banks told Reuters, unsettling markets and stoking talk of a possible asset sale in China.
Stocks slid and the yen rose on Wednesday after news Bank of America needs $34 billion in fresh capital, sending shivers through investors ahead of official results of stress tests on U.S. banks due for release on Thursday.
China Construction Bank (CCB), the world's second-largest lender by market value, said on Monday it would be reasonable for major shareholder Bank of America to reduce its stake to 10 percent.
Goldman Sachs Group Inc and China's ICBC have been in discussions the New York bank to reduce its stake in the world's largest financial institution, according to a report on Tuesday.
Bank of America Corp Chairman and Chief Executive Kenneth Lewis was subpoenaed last week by New York Attorney General Andrew Cuomo, who is investigating whether the bank violated state law by withholding information from investors, the Wall Street Journal said late Thursday, citing people familiar with the matter.
Bank of America Corp. plans to raise its stake in China Construction Bank Corp. by exercising part of an option, to boost its stake to 10.75 percent from 8.5 percent, the Chinese bank said on Wednesday.
Bank of America Corp will exercise a $1.86 billion option to buy additional shares of China Construction Bank Corp.
Hong Kong based Wing Lung Bank Ltd. has picked China Merchants Bank Co. as its preferred bidder after the Wu's family announced to sell its whole 53 percent stake.
Flush with cash and swaggering with world-beating valuations, firms are likely to settle for small stakes in big rivals.
China Shenhua Energy, the country's biggest coal producer, raised 66.58 billion yuan ($8.9 billion) in China's largest domestic IPO after pricing the share offer at the top of an indicative range.
China Shenhua Energy, the courntry's largest coal producer, has attracted a record 2.67 trillion yuan (US 355.6 billion) in subscriptions for its A-share innitial public offering (IPO),according to the China Securities Journal.
Shares in China Construction Bank (CCB) closed 32 percent higher on their Shanghai debut on Tuesday, beating other big Chinese lenders' first-day gains and boosting hopes for future large Shanghai share offers.
China Construction Bank, the country's second-biggest bank by assets, said on Tuesday it had raised 58 billion yuan ($7.7 billion) in the country's largest domestic IPO.
Foreign companies that have poured billions of dollars into Chinese stocks are not looking to bail out, despite a decision by two major U.S. firms to cash in and realize huge profits from their investments.
China Central Huijin, owning more than HK$1,000 billion in three Chinese asset banks in Hong Kong, plan to open an account of company's investors in Hong Kong Stock Exchange & Clearing (HKex)'s subsidary - Central Clearing.
Chinese banks will increasingly opt to list shares at home as China's financial markets mature, a senior banking regulator said on Saturday.
China Construction Bank, one of the country's largest state banks, denied on Monday a newspaper report it is in early talks with Bear Stearns that could lead to its taking a minority stake in the Wall Street securities firm.
China Construction Bank Corp., one of the country's largest state banks, denied a newspaper report on Monday that it is in early talks with Bear Stearns Cos. that could lead to it taking a minority stake in the Wall Street investment bank.
