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Thursday, February 3, 2011

Bank of America sell credit insurance unit

Bank of America sell credit insurance unit : Bank of America is in advanced talks to sell its Balboa credit insurance arm to Australia’s QBE Insurance Group, people familiar with the matter said.

BofA has shed businesses and equity stakes to help shrink its balance sheet, add capital and fulfil obligations from its agreement to repay government aid the bank received during the crisis

The lender inherited Balboa through its 2008 acquisition of Countrywide Financial, and the business never appeared part of its long-range plans.

QBE asked the Australia Securities Exchange to halt trading on its shares following a report by Bloomberg News that the insurer was near a deal to acquire Balboa.

“We request that the trading halt remains in place until QBE makes a market release regarding topics such as preliminary 2010 results, recent Australian catastrophes, acquisition activity, 2011 comprehensive worldwide reinsurance protections and 2011 financial targets,” the company wrote. For the latest updates PRESS CTR + D or visit Stock Market news Today

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