Korea SWF Decides to Hold Off Buying More Bank of America
The Korea Investment Corporation (KIC) is holding off for now on purchasing more shares of Bank of America Corp. Initially, the KIC was thinking about raising their stake in Bank of America by reinvesting the dividend it received from the bank.
KIC became an investor in Bank of America after its Merrill Lynch shares were converted.
Bank of America Corp has been hurt by a barrage of mortgage-related losses and large lawsuits. Recently, its credit ratings were cut by Moody’s Investors Services.
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