Singapore Sovereign Hedge Fund Buys Part Of BofA China Bank Stake

Aug 31 2011 | 1:47pm ET

The US$3 billion hedge fund set up last year by Singapore's sovereign wealth fund joined its parent in a consortium to buy half of Bank of America's stake in China Construction Bank.

Seatown Holdings and Temasek Holdings were part of a group that included Chinese buyers. Temasek, Singapore's massive sovereign fund, already owned about 6.4% of CCB before the deal.

BofA sold 5% of CCB on Monday for about US$8.3 billion.

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