BofA Cut Russia Exposure in First Quarter Amid Ukraine Tensions
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Bank of America Corp., the second-largest U.S. lender, cut its net exposure to Russia by 22 percent in the first quarter amid mounting tensions with Ukraine.
Net country exposure to Russia fell to $5.2 billion as of March 31, Charlotte, North Carolina-based Bank of America said today in its quarterly regulatory filing. The firm’s risk was concentrated in oil and gas companies and commercial banks, according to the filing.