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Sovereign Wealth Funds Briefing - Categorized | Market

Singapore defends Temasek’s Bank of America sale

Posted on 29 May 2009

From Businessweek.com: The Singapore government has defended state investment company Temasek’s sale of its stake in Bank of America Corp., saying the loss-generating trade didn’t reflect a shift to short-term investing.

Temasek sold its Bank of America shares after its 13.7 percent stake in Merrill Lynch & Co — initially purchased in 2007 — was converted after BoA bought the brokerage in January. Temasek held 188.8 million Bank of America shares worth about $2.6 billion in January…….Full Article: Source


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