The China Investment Corporation (CIC), the country's sovereign wealth fund, said on Friday it has acquired 2.76 billion Hong Kong-traded shares of China Construction Bank (CCB) for $1.75 billion.

The bank's H-shares have a long-term investment value, the CIC said in a statement on its website.

Upon purchase, the CIC increased its stake in CCB to 60.46 percent from 59.31 percent.

The purchase was made from Bank of America, which has sold off roughly 10.4 billion H-shares of CCB earlier this month to shore up its capital base.