Korea Investment Corp. (KIC) has canceled its plans to purchase additional shares of Bank of America Corp. (BofA), Korea Herald reports. The sovereign wealth fund was seeking to raise its stake of 69 million shares in the bank as its exposure to toxic assets of European industry is limited. In August, KIC had reinvested $78 million in the bank’s shares this year. Policymakers managing the sovereign fund claimed it will be risky to expand investments at a time when the industry is going through turbulence.
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Korea Investment Corp. BofA America Corp. industry Korea Herald
