Bank of America May Be Looking to Enter Russian Lending Market (BAC)

Bank of America May Be Looking to Enter Russian Lending Market (BAC)

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According to a report by Bloomberg, financial services giant Bank of America Corp (BAC) is looking into acquiring a Russian lender as a way to enter the corporate lending market in the country.

If the deal were to go down, Bank of America would double the size of its staff in Russia to 180 people. A year ago, BAC cut its staff in Moscow due to lower trading volume and increased competition in the country.

In connection with this report, Bank of America was said to have hired metals and mining analyst Andrey Lobazov and oil and gas analyst Denis Derushkin from Alfa Bank.

Bank of America shares were down a fraction during pre-market trading on Friday. The stock is up 24.72% year-to-date.

The Bottom Line

Shares of Bank of America Corp (BAC) offer a dividend yield of 0.28% based on Thursday’s closing price of $14.48 and the company’s annualized dividend payout of 4 cents per share.

Bank of America Corp (BAC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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