January 06, 2009: 10:12 PM ET
HONG KONG -(Dow Jones)- Bank of America Corp.'s (BAC) reduction of its stake in China Construction Bank Corp. (0939.HK) was a "normal market activity" due to its own financial situation, the Chinese bank said in a statement Wednesday.
China Construction Bank acknowledged in the brief statement the sale of 5.6 billion shares by Bank of America and said the U.S. lender had given it notification before the sale.
China Construction Bank said the drop in Bank of America's holding to 16.6% from 19.1% wouldn't affect their strategic partnership and they would continue to cooperate in various areas. It didn't specify the areas.
A person familiar with the situation told Dow Jones Newswires that Bank of America raised US$2.8 billion from selling 5.6 billion China Construction Bank shares at HK$3.92 each.
At 0251 GMT, China Construction Bank's Hong Kong shares were 4.5% lower at HK$ 4.25.
-By Amy Or, Dow Jones Newswires; 852-2832 2335; amy.or@dowjones.com
(END) Dow Jones Newswires
01-06-09 2212ET
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01-06-09 2212ET
Copyright (c) 2009 Dow Jones & Company, Inc.