Singaporean sovereign wealth fund Temasek Holdings sold US$2.48 billion worth of stock in Bank of China (601988.SH, 3988.HKG) and China Construction Bank (601939.SH, 0939.HKG), Bloomberg reported. Temasek emphasized that it still holds over US$17 billion in Chinese bank equity. The fund will retain 7.4% of CCB’s Hong Kong-traded shares and 3.72% of Bank of China’s H-shares, holdings worth US$14.1 billion and US$1.3 billion, respectively. “Results for these banks have been pretty fair, given the operating environment, slower economy and higher interest rates,” said Jeff Papp, an analyst at Oberweis Asset Management. “Maybe Temasek is taking a longer-term view and saying this is as good as it gets.” The two divestments come less than a month after the fund purchased a US$2.3 billion stake in Industrial and Commercial Bank of China (ICBC; 601398.SH, 1398.HKG) from Goldman Sachs (GS.NYSE).