Bank of America (BAC) is negotiating the sale of its 49% stake in a private banking JV to its...


Bank of America (BAC) is negotiating the sale of its 49% stake in a private banking JV to its partner Mitsubishi UFJ (MTU) for somewhere in the area of $488M, reports the WSJ. For BofA, it's another move to focus international strategy away from wealth management, and towards corporate banking and trading.

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Comments (3)
  • Microloan
    , contributor
    Comments (14) | Send Message
     
    Just a continuation of eliminating excess assets which don't reflect the current corporate mission.
    29 Nov 2012, 03:16 PM Reply Like
  • jdurkan
    , contributor
    Comments (34) | Send Message
     
    BAC continues to focus on its primary mission and is getting ahead of other large banks in preparing for Basil3 although no one in govt is giving them any credit!
    29 Nov 2012, 08:12 PM Reply Like
  • redjoe
    , contributor
    Comments (3) | Send Message
     
    Surprising that they didn't do this earlier given MUFG's tieup with Morgan Stanley.
    30 Nov 2012, 03:09 AM Reply Like
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