Bank of America to repay government bailout funds

Bank of America Corp said it plans to repay its US$45bn (€29.8bn) in government bailout funds in the next few days, a move that will help the troubled bank recruit a new chief executive officer.

The bank said in a statement it would use available cash and raise $18.8bn (€12.4bn) in capital to repay the money, which it received during the height of the credit crisis last year and after its purchase of Merrill Lynch and Co. earlier this year.