The Bank of America (BofA), the second-largest shareholder in China Construction Bank Corp (CCB)(601939.SH), would retain half of its 10.23% stake in CCB’s shares.
CCB did did not disclose details, but said that the US-based bank will be allowed to reduce its stake as of 29 August.
BofA owns 25.6 million CCB shares, of which 23.6 million come out of a lock-up while the remaining shares can be sold in 2013.
CCB chairman Guo Shuqing said that it has extended tie-up with BofA until the end of next year. It is also in discussions for further extension by another five years and will not involve stakeholdings.
The Beijing lender's first-half profit increased by more than 31% year-on-year while its net income increased to CNY92.8bn ($14.5bn) from CNY70.7bn last year.