Financial Times, 15 May 2009, John Burton
Temasek Holdings, the Singapore state investment company, has pulled out of its investment in Bank of America, selling its 3.8 per cent stake in the US group.
The disclosure on Friday of the sale follows an announcement by Ho Ching, Temasek’s chief executive, that the company is to cut its target for planned investments in developed economies and invest more in emerging markets.
Temasek is estimated to have lost at least $2bn on an investment foray that began with it taking a stake in Merrill Lynch in December 2007 for $5bn.
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