UPDATE 1-Temasek says sold Bank of America shares

viernes 15 de mayo de 2009 05:18 CEST

* Shares offloaded by end-March

* BofA shares sold at between $2.53 and $14.81

* May have lost over $1 billion - Reuters calculations

* Had converted 13.7 pct stake in Merrill Lynch into BofA (Adds price, estimated loss)

By Saeed Azhar and Kevin Lim

SINGAPORE, May 15 (Reuters) - Singapore state investor Temasek [TEM.UL] sold its entire stake in Bank of America (BAC.N: Cotización) during the first quarter of this year, taking a hit on its investment as it refocuses on emerging markets.

Temasek has been aggressively investing in Asia in recent months after being burned by Western banks, like most sovereign wealth funds which bought bank stakes during the early phase of the global credit crisis.

"We have divested our shares in Bank of America," a Temasek spokeswoman said.

Temasek held 188.8 million Bank of America shares after it said in early January it had converted its 13.7 percent stake in Merrill Lynch & Co into BofA stock.   Continuación...