Bank of America sells off Balboa Insurance

In order for the Bank of America to recover from the global credit crisis… It decided to divest to the QBE Insurance of Australia its Balboa Insurance, totaling to at least $700 million. This is the company’s most recent asset that was sold off, after selling the stakes BlackRock and China Construction Bank last year. These previous sales were done in an effort to repay the government bailout aids – adding them to the list of banks that made good on their debt. QBE is the largest insurance company in Australia, and after…

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