Bank of America finally exits CCB_美文_趣味英语-查字典英语网

Bank of America finally exits CCB

Wang Hongzhang, chairman of CCB, said at the half-year earnings news conference that Bank of America's consecutive selling of its stocks was to cushion the effect of the subprime lending crisis.

Experts cited other possible reasons for the US bank's exit.

"The investment bank probably believes that CCB's performance has reached its peak," said Zhou Kunping, an analyst at Bank of Communications. "In that case, now would be the best time to clear the stakes."

Bank of America, as an investment bank, may not have aimed for long-term investment when it bought CCB's shares in 2005, Zhou added, particularly when it is unlikely to have a dominant share in the bank since stakeholders in banks throughout the world are usually highly diversified.

Bank of America's exit from CCB marks the end of an era when foreign stakeholders held a prominent presence in major Chinese banks.

A host of overseas banks, including Goldman Sachs, Citigroup, Morgan Stanley, UBS AG, among others, bought into Chinese banks before they went public.

Questions:

1. Which American bank sold its stake in China Construction Bank?

2. What is thought to be the reason?

3. When did BofA buy CCB shares?

Answers:

1. Bank of America Corp.

2. BofA’s capital shortage.

3. In 2005.

About the broadcaster:

Nelly Min is an editor at China Daily with more than 10 years of experience as a newspaper editor and photographer. She has worked at major newspapers in the U.S., including the Los Angeles Times and the Detroit Free Press. She is also fluent in Korean.