UBS raises $808m with sale of 3.4 billion Bank of China shares

UBS said in a statement Wednesday it sold its entire 1.33% stake in Bank of China in a placement to institutional investors, after the lockup period for its holding expired Tuesday.

The share sale is the first exit by a foreign strategic investor in a Chinese lender, following speculation that foreign investors need to cash out to replenish their depleted balance sheets.

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