Reuters, 21 May 2009, Kevin Lim
SINGAPORE, May 22 (Reuters) - Singapore state investor Temasek [TEM.UL] has defended the divestment of its Bank of America (BAC.N) stake at an estimated loss of more than $3 billion, saying the risk environment and nature of the investment had changed.
Temasek, which got a 3 percent stake in BofA after the latter bought Merrill Lynch in September 2008, sold its stake in the U.S. lender in the first quarter of this year, according to a regulatory filing last week. [ID:nSIN454726]
In a letter to the Straits Times newspaper on Friday, Temasek Managing Director for Corporate Affairs Myrna Thomas said the state investor had bought into Merrill's "specific businesses" but ended up with BofA's "linkage to the broader U.S. economy".
Read More
Related News:
Temasek: BofA Divestment Was To Balance Risk Vs Opportunities - CNNMoney.com
