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Singapore state investor Temasek [TEM.UL] will take up Bank of America’s <BAC.N> entire entitlement in China Construction Bank’s <0939.HK> upcoming rights issue, two sources familiar with the deal said on Thursday.
CCB, China’s No 2 lender, plans to raise up to 61.6 billion yuan ($11.8 billion) in Asia’s biggest rights issue outside Japan, to shore up capital after a lending binge in 2009.
Bank of America, CCB’s second largest shareholder with about 11 percent, has indicated that it is unlikely to participate in the rights, news reports have said.
A spokesman for Bank of America declined comment.
