Beijing, Oct. 20 2006—China Construction Bank Corporation ( CCB, Stock Code on HKEx: 939) held its first Extraordinary General Meeting (EGM) today and passed all resolutions: the appointment of Mr. Zhang Jianguo as Executive Director of CCB and the acquisition of the entire issued share capital of Bank of America (Asia).

The EGM approved the appointment of Mr. Zhang Jianguo as Executive Director of CCB. In accordance with the resolution passed by the Board of Directors Meeting on July 27, Mr. Zhang Jianguo will assume the post of Vice Chairman of CCB at the same time when the appointment of Executive Director is approved.

In addition, the EGM also passed the resolution of the acquisition of the entire issued share capital of Bank of America (Asia). The EGM agreed that CCB could purchase the 100% share of Bank of America (Asia), the wholly subsidiary of Bank of America in Hong Kong, at the price of HK$ 9.71 billion. After this purchase, the business size of CCB in Hong Kong will be enlarged two times than the past, and the scale of customers loan also will increase to the No. 9 from the former No. 16.

Chairman of CCB Mr. Guo Shuqing said, “On behalf of Board of Directors of CCB, here I express our welcome to President Zhang Jianguo. And I believe Mr. Zhang, as Vice Chairman and Executive Director of CCB, can help CCB further improve its corporate governance and promote its business development. The acquisition of Bank of America (Asia) will be a milestone for CCB to carry out its offshore development strategy and strive for the goal of becoming a world-class commercial bank.”