Bank of America Corp. (BoA) has revealed its plans to exercise an option to purchase additional shares in China Construction Bank, which would raise its stake in the Chinese major to 19.1%.

BoA is exercising the remainder of an option to buy shares in the Chinese bank, which is one of the country’s largest financial institutions. However, the shares which BoA is trying to acquire cannot be sold until Aug. 29, 2011, without China Construction’s consent.

BoA would be able to purchase the stock of CCB at a huge discount as the Chinese bank had lost its value by 45 per cent in the past six months. The financial terms of the purchase weren't disclosed till now.

Charlotte-based lender had bought a 9% stake in the China Construction Bank in 2005 for $3 billion, and it currently owns 10.75 % of the company’s shares after increasing its stake earlier this year.

SAFE Investment Ltd (Huijin), the Chinese government body that controls China Construction Bank, through its wholly owned subsidiary - China Jianyin Investment Limited, directly and indirectly holds a majority stake of 57.03 per cent.

For Bank of America, the No. 4 lender in terms of deposits, this will be the second post-crisis acquisition after its purchase of Merrill Lynch & Co.