Despite repeated reassurances that it doesn’t need capital, Bank of America Merrill Lynch last night announced that it had sold slightly more than half its stake in China Construction Bank to raise $8.3 billion.
The sale, which was done in a private transaction with an undisclosed group of investors, came on the very day that the lockup on BoA Merrill’s CCB shares expired, suggesting a certain amount of urgency. It also came just days after Warren Buffett agreed to make a $5 billion investment in BoA Merrill in a move that helped boost confidence in the US lender, which lost $8.8 billion in the second quarter as charges...
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