Merrill Lynch is set to be the latest US investment bank to take on a foreign capital injection.
Reports across the Atlantic suggest Merrill is in advanced talks with the Singapore Government’s Temasek Holdings over a $5bn deal. Merrill is understood to be expecting to writedown a further $8bn in Q4, as fallout from the sub-prime crisis continues. The news follows rival Morgan Stanley announcing on Wednesday it is to offload a 9.9% stake to the China Investment Corp, China's sovereign wealth fund, for $5bn. Citigroup last month received a $7.5bn injection from Abu Dhabi's sovereign wealth fund, while Swiss investment bank UBS reported it is to sell an 11.5% stake to the Singapore I...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes