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Singapore state investor Temasek sold its entire stake in Bank of America during the first quarter of this year, taking a hit on its investment as it refocuses on emerging markets.
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Temasek has been aggressively investing in Asia in recent months after being burned by Western banks, like most sovereign wealth funds which bought bank stakes during the early phase of the global credit crisis.
"We have divested our shares in Bank of America," a Temasek spokeswoman said.
Temasek held 188.8 million Bank of America shares after it said in early January it had converted its 13.7 percent stake in Merrill Lynch into BofA stock.
At that time, its stake in Bank of America was worth around $2.6 billion, or $13.7 a share.
A source briefed on the deal told Reuters the shares were sold for between $2.53 and $14.81 during the first quarter of this year.
Assuming an average price of $8.67, Temasek may have suffered a loss of over $1 billion, according to Reuters calculations. Temasek declined to provide the average selling price of its BofA [BAC
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