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UPDATE 1-B of A says no plans to raise $10 bln in stock
May 4, 2009 / 1:20 PM / 8 years ago

UPDATE 1-B of A says no plans to raise $10 bln in stock

* says has not received a final figure from Fed

* says Financial Times article inaccurate

NEW YORK, May 4 (Reuters) - Bank of America Corp (BAC.N) said on Monday it does not have plans to raise $10 billion in common equity, as the Financial Times had reported.

The largest U.S. bank, which has received $45 billion in taxpayer funds, is seen by analysts as one of the more likely to need to boost its equity capital following the results of the U.S. government’s stress tests, expected this week.

The Financial Times reported on Monday that Bank of America was preliminarily found to need more than $10 billion of capital, and that the bank was working on plans to raise fresh funds.

“The Financial Times report is completely inaccurate. Bank of America has not been given a final number by the Federal Reserve. The bank is not working on plans to raise $10 billion in common equity,” said Scott Silvestri, a spokesman for the bank.

Shares in Bank of America climbed about 2 percent in premarket trading to $8.88 from $8.70 at Friday’s close. (Reporting by Elinor Comlay, editing by Dave Zimmerman)

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