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March 11, 2010 Thursday 16:56 PM EST
SECTION: NEWS & ANALYSIS; Financial Services
LENGTH: 1119 words
HEADLINE: What Assets Might Bank of America Sell?
BYLINE: Lauren LaCapra, TheStreet.com Staff Reporter
CHARLOTTE, N.C. (TheStreet) — Bank of America(BAC:NYSE) is likely to announce some more divestitures in the first half of 2010, but investors shouldn’t expect any blockbuster deals.The Charlotte, N.C.-based firm fetched more than $10 billion through asset sales last year, but seems to have gotten rid of the larger, non-core franchises that were isolated from other operations. It sold two banking franchises — Columbia Management and First Republic — as well as its stake in China Construction Bank.As part of its agreement to repay $45 billion in TARP funds last December, Bank of America told the Federal Reserve it would pare down its diverse array of businesses further. Ultimately, it must agree to sell $4 billion worth of assets by June, and complete transactions by year-end. Bank of America agreed to raise whatever shortfall there is by issuing more common equity — a move that would dilute stock — sodden shareholders even more.
Bank of America: A History
LOAD-DATE: March 12, 2010