Bank of America in Exercise of an Option to Increase Stake in China Construction Bank
August 4, 2008
Cleary Gottlieb represented Bank of America Corporation in connection with its exercise of an option to acquire an additional 6 billion shares in China Construction Bank (CCB). Cleary Gottlieb previously represented Bank of America in its initial investment in CCB in 2005, whereby Bank of America acquired an approximately 9% stake in CCB and was granted an option to increase its stake in CCB to 19.9%. With this successful exercise of the option, Bank of America has increased its stake in CCB to approximately 10.8%.