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Bank Of America May Cut Big Stake In BlackRock
Tom Burroughes
16 August 2010
Bank of America is considering cutting its 34 per cent stake in the giant US asset management firm BlackRock as the bank looks to shed any businesses not crucial for its retail banking, capital market and wealth management business, according to Bloomberg. BofA acquired the stake when it bought Merrill Lynch at the start of January 2009. The report said that the bank has not arrived at a final decision, and no deal is imminent. The bank’s carrying value for the stake was $10.1 billion as of 30 June, while the fair market value was $9.3 billion, the news service said. BofA did not respond to this publication's request for comment at the time of going to press.