Mizuho sells Bank of America stake as part of divestment strategy
Mizuho Financial Group has reportedly sold off its 0.3% voting shareholding in Bank of America, which remains from Mizuho's investment in Merrill Lynch in 2008. This comes as part of Mizuho's plan to sell off 30% of its shareholdings, worth c. JPY 1.9tn ($16bn), by the end of the 2018 fiscal year; however, the bank may accomplish this target earlier, given the current rate of divestments.

TOKYO -- Mizuho Financial Group has sold off its stake in Bank of America as the Japanese megabank severs or loosens a number of capital ties.

Sold during the fourth quarter of 2015, the roughly 0.3% voting stake was a relic of Mizuho's $1.2 billion preferred-stock investment in Merrill Lynch in 2008, during the subprime mortgage crisis. Bank of America later acquired Merrill Lynch.