Temasek sells Bank of America shares

Temasek, one of Singapore's sovereign wealth funds, has sold its stake in Bank of America in a bid to reduce its considerable exposure to western banking stocks.

The sale of the 3.8% stake took place before 31 March, a United States securities filling revealed. Temasek acquired the stake after the bank bought Merrill Lynch, an investment bank, in the autumn of 2008. The fund was the biggest shareholder in Merrill after buying a 9% stake for $4.4 billion in December 2007.

Temasek is likely to

To continue reading...