Bank of America Corp (NYSE: BAC) said that it will make a “significant capital injection”to improve the balance sheet of its Merrill Lynch business in South Africa, according to a new report from Business Day.
The capital injection is part of an ongoing effort to diversify some of its revenue streams and strengthen its research capabilities in the area, the Johannesburg-based newspaper said.
The paper cited Marcus Heilner, Chief Executive Officer of Merrill Lynch South Africa, who declined to reveal the size of the capital injection.
Bank of America Corp (NYSE: BAC) shares rose by 0.91% on Friday ending at $15.60.
Bank of America Corporation is a bank holding company, and a financial holding company. The Company is a financial institution, serving individual consumers, small and middle market businesses, large corporations and governments with a range of banking, investing, asset management and other financial and risk management products and services.
