BUSINESS BRIEFING / BANKING

China Construction Bank said Bank of America was selling part of its stake in the major Chinese lender, a move that could raise as much as $3 billion for the U.S. banking giant.

The Chinese bank gave no financial details but said Bank of America would sell 5.6 billion shares. That could be worth up to $3 billion based on the Asian bank’s stock price of 4.24 Hong Kong dollars (54 U.S. cents) a share in early Hong Kong trading Wednesday.