China Construction Bank (CCB) reiterated its confidence in its strategic relationship with Bank of America (BoA), after the US bank sold nearly 13% of its stake in the Chinese lender, Reuters reported. In a statement posted on its website, CCB said it was "fully confident" in its relationship with BoA and that the two lenders had held "quite deep discussions" about the share sale. "We believe this will not affect Bank of America’s position as the number two stakeholder, let alone affect the two sides’ strategic cooperation," the statement said. Bank of America on Wednesday sold 5.62 billion shares in CCB for US$2.83 billion, which sent CCB’s Hong Kong-listed shares spiraling by 8.8%. Shares in CCB fell an additional 4.4% on Thursday.
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