Bank of America has struck agreements with several non-government owners of its preferred stock and raised approximately $5.9bn by converting their holdings into common shares, the bank announced on Wednesday. The arrangement comes on the heels of a $13.5bn capital raising by BofA and the $4.5bn (net) sale of a stake in China Construction Bank. BofA said it had raised almost $26bn of the $33.9bn required by US government bank “stress tests”.

This entry was posted by Gwen Robinson on Thursday, May 28th, 2009 at 5:17 and is filed under Capital markets. Tagged with BofA. Edit this entry.