Bank of America Sells Mexican Equity Stake Back to Santander
Category Finance | Wednesday, June 9th, 2010
June 9 (Bloomberg) — Bank of America Corp., the largest U.S. bank, will sell its stake in Banco Santander SA’s Mexican unit for $900 million more than it paid in 2003, marking the lender’s fourth major asset sale this year.
Bank of America, under regulatory pressure to raise a net $3 billion this year to replenish capital, agreed to sell its 24.9 percent stake in the business to Santander for $2.5 billion in cash, according to a statement today. The U.S. bank paid $1.6 billion for the stake in 2003 and valued it as $2.7 billion as of March 31.