Bank Of America Sells 13.1 Billion Shares In China Construction Bank, Raises Another $8.3 Billion "It Does Not Need"

Bank Of America continues to desperately raise firesale capital (which it most certainly does not need).

  • BANK OF AMERICA AGREES TO SELL 13.1B SHRS OF CHINA CONSTRUCTION
  • BANK OF AMERICA SEES SALE GENERATING $8.3B PROCEEDS
  • BANK OF AMERICA KEEPS 5% STAKE IN CCB
  • BOFA SEES CUTTING RISK-WEIGHTED ASSETS BY ABOUT $16.1B BASEL
  • BOFA SEES SALE GENERATING ABOUT $3.5B ADDED TIER 1 CAPITAL
  • BOFA SEES GAIN $3.3B ON SALE

In summary: That's $13.3 billion in new capital in the past week that BofA promises it does not need. At all. As for the buyers: the same sovereign wealth funds that just bailed out the Greek banking sector for a few more days.