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Bank of America Corp. has raised roughly $13 billion after selling 1.25 billion shares of common stock, according to people familiar with the situation.
The sale is part of the bank's previously announced plan to sell common shares as it tries to come up with $33.9 billion in equity to meet the U.S. government's stress test requirements. On Tuesday it sold a block of 825 million shares at $10, these people said, which was below its Tuesday closing price of $11.25. It sold the other 425 million shares previously, these people said.
With the bank's recent $7.3 billion sale of a stake in China Construction Bank, it is now more than halfway to its $33.9 billion mark as set by U.S. regulators.
The Charlotte, N.C. bank said it would be able to raise the required equity without taking additional government investment or converting the government's existing preferred shares into common stock, which would make the U.S. a big shareholder in the nation's largest bank by assets. Instead, Bank of America said it would get to $33.9 billion via asset sales, the offering of 1.25 billion shares, a conversion of privately held preferred shares to common and future earnings.
Bank of America also is being asked by the Federal Reserve and the Office of the Comptroller of the Currency to revamp its board and find more directors with banking and finance expertise. That search is being led by new bank chairman Walter Massey, who took over once Chief Executive Officer Kenneth Lewis was stripped of his chairman's title at an April 29 shareholders meeting. |
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发表于 2009-5-19 07:38 PM
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