BofA also disclosed that it is required to raise an additional $1.1 billion by the end of 2010 to meet the requirements of the Federal Reserve related to bailout aid repayment. The company has already repaid $45 billion in December 2009 and has to return an additional $3 billion by the end of 2010.
To accumulate these funds, BofA was shedding assets and selling investments. The bank sold $10 billion in assets that generated $1.9 billion in net after-tax proceeds. If it fails to organize the remaining funds by the end of December 2010, BofA might have to resort to an equity raise.
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