HONG KONG - Bank of America is selling $1.9 billion worth of shares in China Construction Bank, as the struggling U.S. bank seeks to raise funds after being hit hard by the financial crisis, a source familiar with the deal said on Tuesday.

The sale of 2.2 billion shares at HK$4.20 each represents the portion of BofA's stake it is allowed to sell after a lock-up period ended last week.

Bank of America declined to comment.

Bank of America is allowed to sell 13.5 billion shares - a 6 percent chunk of its total stake - in CCB after the lock up.