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S. Korea's sovereign fund unloads stake in Bank of America

All Headlines 10:52 December 08, 2017

SEOUL, Dec. 8 (Yonhap) -- South Korea's sovereign fund unloaded its entire stake in the Bank of America, an industry source said Friday, after seeing its value plunge by one-tenth since 2008.

Korea Investment Corp. has recently sold its 69 million shares in Bank of America, reporting a roughly 3 percent rate of return from the investment, according to the source.

The sovereign fund held the stake in Bank of America after it invested US$2 billion in Merrill Lynch in 2008, before Merrill Lynch merged with the U.S. lender.

The fund had once seen losses of about 2 trillion won ($1.8 billion) in the wake of the 2008-09 global financial crisis as the stock price of Bank of America plunged to some $3 per share in February 2009.

The fund has been under fire from South Korean politicians for investing in Merrill Lynch.
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