BEIJING -- China Construction Bank (CCB), one of China's major state-owned commercial banks, approved a plan on Friday to acquire the Hong Kong-based subsidiary of the Bank of America.

The CCB will buy Bank of America (Asia) Ltd. for HK$9.71 billion, according to a deal signed by the two sides in late August. The sum is 1.32 times the net ledger assets of the Bank of America (Asia) recorded at the end of last year.

The deal was approved at the CCB's first provisional annual shareholders' meeting on Friday.

After the acquisition, the CCB will double its business in Hong Kong and became the ninth largest local lender, up from its current 16th place.

Guo Shuqing, chairman of the CCB board, said the purchase will be a milestone for the bank's overseas development in a bid to build itself into a leading international commercial bank.

With 14 branches in Hong Kong and three in Macao, the Bank of America (Asia) has total assets of HK$49.07 billion and net assets of 7.38 billion HK dollars, with individual banking revenues accounting for 65 percent of its whole income.