Bank of America Corp. announced on August 29 it had agreed to sell 13.1 billion Hong Kong-listed shares of China Construction Bank Corp. (CCB) for $3.3 billion to raise capital to meet new international banking standards.

CCB said that Bank of America's move is "understandable." The banks will continue to expand their cooperation and will soon sign a five-year strategic agreement.

Bank of America is selling "to meet its own capital needs, and we think that the impact on CCB will be relatively small", said She Minhua, a banking analyst at Haitong Securities Co.

CCB's H shares rose just 1.8 percent on August 30, indicating that investors believed the sale would have a limited effect, Shen said.