The sovereign wealth fund of South Korea is planning to raise its interest in Bank of America Corp. (BofA), Reuters reports, citing Yonhap News Agency. Korea Investment Corp. (KIC) will buy additional shares with the dividend that it received from its existing stake.
KIC has already re-invested $78 million in 2011, about 50 percent of the dividend from the $2 billion it invested in Merrill Lynch & Co., a firm acquired later by BofA. At present, the South Korean fund owns about 69 million BofA shares.
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