Temasek Dumps Bank of America Stake
Singapore’s Temasek Holdings invested a ton of opportunistic capital in Merrill Lynch and Barclays Plc during the global financial crisis. The Singaporean sovereign fund has dumped its stake in Bank of America Corporation. Temasek had indirectly received shares of Bank of America after it purchased Merrill Lynch. Temasek invested nearly US$ 5.9 billion for a 14% stake in Merrill Lynch, hoping to bank on the global franchise pre-crisis.
In a response to reporters and the media, Temasek issued, “We have divested our shares in Bank of America.”
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