Warren Buffett Seeks Fed Leeway to Boost Stake in Bank of America Past 10%

(Bloomberg) — Warren Buffett’s Berkshire Hathaway Inc . (NYSE:) is seeking permission from the Federal Reserve to potentially increase its stake in Bank of America Corp (NYSE:). to more than 10%, a level that often triggers a regulatory review.

Berkshire, which disclosed in July that it had hit that threshold, filed an application with the Fed in recent weeks making a variety of assurances to show that it will passively invest in the bank, according to a copy of the application provided by the regulator.

Berkshire “may decide to purchase additional shares of common stock of Bank of America based on its evaluation of the investment opportunity presented by such purchases,” the conglomerate wrote in the filing signed by Buffett, without specifying how many shares it might look to purchase.

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