Qatar's sovereign wealth fund, the Qatar Investment Authority, owns Bank of America Corp. (BAC) shares worth about $1 billion, the Financial Times reported Wednesday.
The fund's Qatar Holding arm began buying shares about two years ago and bought more last year when the stock price was in the $7 to $8 range, the FT reported, citing a person close to the fund.
Bank of America shares closed Wednesday at $14.17, up 2 cents.
The FT report noted that the stake, which represents less than a 1% interest, falls below the 5% level that would require disclosure under U.S. regulations.
Full story at: www.ft.com
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