When Bank of America (BofA) sold a 3.18% stake in China Construction Bank (CCB) to Chinese private equity firm Hopu Investment Management last year, the US financial services group did more than pick up a handy $4 billion at the height of the global recession.
It also marked the latest and somewhat bizarre retrenchment from China by a leading financial services group. Not so long ago, foreign lenders were jostling frantically to gain a toehold in the world’s fastest-growing (but still largely isolated) big banking market.
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