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


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.

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Comments (4)
  • MexCom
    , contributor
    Comments (3069) | Send Message
     
    Probably to convert a low ball asset or Goodwill on the balance sheet to cash with a realized capital gain in 2011 to avoid any fiscal cliff tax. Just a guess but many of their previous announced deals of divestiture ended up that way.
    12 Dec 2012, 09:16 AM Reply Like
  • gwynfryn
    , contributor
    Comments (6458) | Send Message
     
    With the gov trying to put growth on hold, what an Earth are they going to do with all this cash? Are they planning on becoming a mortgage specialist?
    12 Dec 2012, 09:43 AM Reply Like
  • MexCom
    , contributor
    Comments (3069) | Send Message
     
    They are buying back their own bonds reducing debt increasing profits.
    13 Dec 2012, 08:56 AM Reply Like
  • gwynfryn
    , contributor
    Comments (6458) | Send Message
     
    Oooooh, lots of bonuses then!
    13 Dec 2012, 09:07 AM Reply Like
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