B of A sells Asian assets

B of A sells Asian assets
Tags: Bank / Credit Union, Debit / Credit, Public Companies, Regulatory Issues, Transaction Processing
September 5, 2006

Datamonitor: Bank of America is selling its Hong Kong-based retail and commercial franchise Bank of America (Asia) to Chinese Construction Bank for $1.25 billion. The franchise includes 14 offices in Hong Kong and three offices in Macau, approximately $6.3 billion in assets and $3.7 billion in deposits. The deal is expected to close by the end of the year, subject to regulatory approval.