London Evening Standard, 15 May 2009
Temasek, the Singaporean government's investment arm, has sold its entire 3.8% stake in Bank of America (BoA) at a huge loss, prompting speculation that it might also cut its stake in Barclays as it switches its focus to emerging markets.
The Singaporeans would not say how much the BoA stake was sold for, simply acknowledging that it had been reduced to zero during the first three months of this year.
The fund will have lost almost $4 billion (£2.6 billion) on the stake which it picked up as a result of its failed attempt to bail-out Merrill Lynch which was eventually taken over by BoA.
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Temasek sale prompt talks that it may also sell off its stake in Barclays
