Bank of America Down Despite Potential Stake Sale

Shares of Bank of America

are down more than 1% today, despite news that the company may discuss selling part of its $21 billion stake China Construction Bank Corp. to raise its capital before Basel III standards take place. Three people briefed on the plans said that the largest U.S. lender by assets may try to keep approximately half of the stake in the Chinese bank. Bank of America wants to remain a strategic investor in China Construction Bank , and keeping half of its stake would allow the Charlotte-based bank to do this. Bank of America owned 25.6 billion shares of China Construction Bank worth $21 billion as of the end of March, according to a May regulatory filing. At last check, shares of Bank of America were off 11 cents to $10.57, a loss of 1.03% on nearly 12 million shares.