BOSTON: Bank of America Corp is selling its remaining BlackRock Inc stake back to BlackRock for US$2.5bil, its latest step to prepare for new industry capital requirements.
The sale further chips away at the relationship between the world's largest asset manager and the No 1 US bank by assets, but a senior Bank of America official will remain on BlackRock's board.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!