Kuwait Sovereign Wealth Fund (Kuwait Investment Authority, KIA) has sold a stake in Bank of America Corp. for $3.1 billion. This is reported by foreign media.
The share price was $47.95 (at the lower end of the range offered by Goldman Sachs Group Inc. as the organizer of trading). Earlier, Kuwait Investment Authority sold a stake in the Hong Kong insurance company AIA Group Ltd. for $3.4 billion.
The Kuwait Investment Authority Fund has been supporting Bank of America since January 2008, investing $2 billion in the troubled Merrill Lynch company as the company's largest sponsor at the time. Bank of America acquired Merrill Lynch in 2008 amid the worsening global financial crisis.
KIA's decision to sell shares in Bank of America was made taking into account a broader trend towards reducing investments in financial services. Starting in 2024, Berkshire Hathaway Inc., controlled by Warren Buffett, began reducing its stake in Bank of America below the 10% threshold. In March 2025, Berkshire owned 632 million shares (1.03 billion less than in 2023), having lost the status of the largest shareholder of Bank of America, which has been showing the worst performance among the largest US banks since 2022 (the bank's profitability was 24% compared to 78% for other banks).
KIA — Kuwait's sovereign wealth fund manages assets worth $592 billion. KIA is engaged in various types of investment activities. The headquarters is located in Safat (Kuwait).
Bank of America is an American financial conglomerate providing a wide range of financial services to individuals and businesses. Bank of America is one of the four largest banks in the United States, along with Citigroup, Wells Fargo and JPMorgan Chase. The headquarters are located in Charlotte (North Carolina), London (UK) and Hong Kong.
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