HONG KONG — Bank of America Corp., seeking to bolster its financial standing in the face of new government requirements, raised US$7.3 billion from Asian investors Tuesday through the sale of a roughly 5.7% stake in China Construction Bank Corp., according to people familiar with the matter.

For the U.S. lender, the move marks a significant step to raising US$34 billion in capital needed to meet the requirements of a new U.S. government stress test for lenders. It also marks the latest turn by a Western financial firm toward deep-pocketed Asian investors, who have become key sources of funding during the global financial crisis and appear keen to invest in the region's financial industry.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.