Wednesday, January 16, 2008

Merrill Lynch gets fresh $6.6bn injection

Merrill Lynch on Tuesday said it had raised $6.6bn by selling preferred shares to investors from the Middle East and Asia, as part of a second injection of funds to help shore up the US investment bank’s capital base

The bank said it would issue preferred stock to ”long-term investors”, with the bulk being taken up by the Kuwait Investment Authority (KIA). Mizuho Corporate Bank, a subsidiary of Japan’s second largest bank, is taking about $1.2bn and the Korean Investment Corporation (KIC), $2bn. Read more..

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