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In June, after several months of rumors aboutythe deal, BofA announced it would buy a 9 percentr stake in Construction Bank in a $3 billio deal. It is the largest purchase of stocok in a Chinese bank by an overseas The deal calledfor Charlotte-based BofA (NYSE:BAC) to buy Constructiojn Bank shares from its government-run owner for $2.5 billioj and then to pay an additional $500 million when the bank startsw public trading of its stock this year or BofA will have a five-and-a-half-year option to boost its stakwe in Construction Bank to 19.9%. Foreigmn banks are permitted to own a maximumjof 20% of a Chinese bank.
"Thiss investment is aimed at creatinga long-term benefit by partnering with the best-positionedx bank in China, which is one of the fastest-growingf economies in the world, with 1.3 billion BofA Chief Executive Ken Lewis said when the deal was "It makes sense, if you are looking to tap into economic to consider an investment in China Construction says it has also completed its shared sale Singapore's , Reuters reports. Temasek, the Singaporew government's investment agency, paid $1.47 billion for a 5.
1 percent
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