China felt betrayed when the UBS and Royal Bank of Scotland sold its stakes in Bank of China in 2009. But now the situation of China has changed significantly as its banking sectors are seen doing much better.

It has been informed that during the global debt crisis, the shares of China’s Banks were acquired by State Administration of Foreign Exchange, the National Social Security Fund, and Citic Securities. Now the three will further be selling off the shares to Singapore.

The deal will be held secretively with confidentiality so that no information is spread as rumors. In the month of August, rumors were heard of America selling off its 13.1 million stakes to China Construction Bank Corporation (CCB) so that it gains an amount of $8.3 billion.

In the last few months, the Bank of America has been the seeing interested in investing in the Banks of China. In the month of May, Charlotte, North Carolina-located Bank of America had 25.6 billion shares of CCB which it thought of selling of in the month of August.

In 2005 as well, American Banks purchased 9.9% stake of CCB before the Chinese bank launched its IPO. After the launch of the IPO, American Banks further thought of investing in the China Bank.