Temasek to increase its CCB stake

Temasek Holdings, Singapore’s state investment agency, will invest US$600 million to raise its stake in China Construction Bank (CCB), Reuters reported, citing a source with knowledge of the investment and an article in the China Securities Journal. Temasek plans to increase its stake from 6% to 6.5%. The investment would give Temasek 14.3 billion shares in CCB. Bank of America (BoA) recently sold US$7.3 billion worth of CCB shares this month after being ordered to raise US$3.39 billion in capital by US banking regulators. Tamesek sold its 3% stake in BoA during the first quarter, incurring a US$3 billion loss. The investment fund said it plans to focus on emerging markets.