In an effort to “raise cash and shore up its capital base,” Bank of America is selling off half of its stake in the China Construction Bank Corporation for $8.3 billion anonymous investors[1]. The total stake sold will be 13.1 billion shares and will generate a gain of $3.3 billion for BofA. This news follows on the heels of a $5 billion investment in the lender from Warren Buffest’s Berkshire Hathaway Inc., which provided a serious and much-needed boost to BofA stock last week. Buffet has historically made similar investments in other troubled, major companies to shore up investor and consumer confidence. BofA will still own about five percent of China Construction Bank.

BofA Ceo Brian Moynihan estimates that in August of this year alone, BofA has raised about $5.8 billion through the sale of “non-core assets” and other transactions[2].

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[1] http://www.google.com/hostednews/ap/article/ALeqM5iO12kN-ThmHFBBpOfpAt85_bmHHA?docId=ce886395b6a8469d8e8c0e908c729255

[2] http://www.thestreet.com/story/11233323/1/bank-of-america-early-financial-winner.html?cm_ven=GOOGLEN