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  • Bank of America (NYSE:BAC) in Talks to Sell its Balboa Insurance Unit

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    Thursday Feb 3, 2011 at 09:59 am EST
     
    Bank of America (NYSE:BAC) in Talks to Sell its Balboa Insurance Unit
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    Bank of America Corp. (NYSE:BAC) is in late stage talks to sell its Balboa credit insurance unit to Australia’s QBE Insurance Group. Bank of America Corp. regularly sells its smaller units in order to strengthen its balance sheet and pay off its federal debt which it received during the econmic crisis.

    BofA acquired Balboa in 2008 as part of its Countrywide Financial acquisition. Bank of America declined to comment on the report keeping the details of the possible deal a secret..


    Shares of Bank of America Corp. (NYSE:BAC) are trading at $14.25 on Thursday below resistance level of $14.38. Major support points for Bank of America Corp. (NYSE:BAC) below current price are at $13.83, $13.26, $12.5, $11.95 and at $11.6. Resistance levels above current price are at $14.95 and $15.57.


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