Bank of America Buys Stake in China Bank

[True_Blue]

SHANGHAI, China (AP) -- Bank of America Corp. will take a stake of about 9 percent in the state-owned China Construction Bank, becoming the latest international lender to grab a strategic shareholding in China's banking market.

Bank of America Corp. said late Thursday it would pay as much as $3 billion for the 9 percent stake in China's second-largest bank, with an option of increasing its holdings in the future.

China limits foreign investment in its big state-owned banks to a maximum of 20 percent for any single institution. Total foreign holdings are capped at 25 percent.

The China Construction Bank, one of China's four biggest state commercial banks, earlier announced it was seeking one to three strategic investors as it prepares for a share listing in Hong Kong, expected sometime later this year or in 2006.

more....
http://biz.yahoo.com/ap/050616/china_bank_of_america.html?.v=4

[mbperrin]

1. Capitalists begging to throw money at "Red"China!

Now that just tickles me!

[high density]

2. BoA SUCKS!

I hated Fleet bank and when they were absorbed into Bank of "America," my hate for them transferred over to the new bank. Now I have another reason to hate them.

[Solon]

3. On of Mussolini's Bankers also founded BOA, another reason to hate them.

Though JP Morgan handled most of Mussolini's finances. Isn't American Business grand?

[dad]

4. Bof A donated $250,000

to Bushies' re-election party fund. And so did Wachovia.