Bank of America Sells Mexican Equity Stake Back to Santander

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.

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Posted by uspost on Jun 9 2010. Filed under Finance. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.