Bank of America has agreed to buy a 9% stake in government-owned China Construction Bank (CCB) for $3 billion. Bank of America will also have the option of increasing the size of its stake in the future. CCB, which is the second largest commercial bank in China, has about $472 billion in assets and $422 billion in deposits. It has a national network of 14,500 branches and business relationships with 92 of the top 100 enterprises in China.
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