Bank of America (BAC) is reportedly close to selling its 49% stake in its Japanese joint venture...

|About: Bank of America Corporation (BAC)|By:, SA News Editor

Bank of America (BAC) is reportedly close to selling its 49% stake in its Japanese joint venture with Mitsubishi UFJ Financial (MTU) to the latter company for ¥39B ($471M). The deal could be announced tomorrow. BofA unit Merrill Lynch Japan Securities will continue to provide mutual funds, derivatives and structured products to the JV even after the sale is completed.