Bank of America Reaches Agreement to Sell Approximately 10.4 Billion Shares of China Construction Bank

Bank of America Corporation (NYSE: BAC) announced today that it has agreed to sell approximately 10.4 billion common shares of China Construction Bank Corporation through private transactions with a group of investors. The sales are expected to generate an after-tax gain of approximately $1.8 billion.

The transactions are expected to close in November 2011, and are subject to customary closing conditions. Following closing, Bank of America will hold approximately 1 percent of the common shares of CCB.