Bank of America has told US regulators that it has sold enough assets this year to meet the final condition that was set on its landmark plan to repay $45bn in government bail-out funding.
Raising the required $3bn in capital through gains on the sales of businesses and other assets will help remove one of the uncertainties that has dogged the biggest US bank for much of the year.
BofA was given until the end of this year to record the gains. US regulators believe the move will help build the bank’s equity as it regains its footing after leaving the government’s troubled asset relief programme (Tarp).
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