Bank of America Considering Reducing BlackRock Stake

Hugh Collins
Updated

Bank of America Corp. (BAC) is considering reducing its 34% stake in asset manager BlackRock Inc (BLK)., Bloomberg News reported.

The bank has not made a final decision and no deal is imminent, Bloomberg News said without naming its sources. The stake's carrying value was $10.1 billion as of June 30. Its fair market value was $9.3 billion, according to a regulatory filing from Aug. 6.

Bank of America has been divesting units that it doesn't consider part of its core business. The bank acquired the BlackRock stake through its purchase of Merrill Lynch in 2009.

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