The Federal Reserve, the world’s biggest central bank, said Tuesday that it has approved the sale of the Bank Of America Corp. to private equity group Blackstone Group, which will pay $3.6 billion to acquire the nation’s fourth-largest bank.
The approval will go into effect on March 1, as well as a decision by U.S. regulators about the next steps for the sale.
Bank of Americans will become part of a $3 trillion bank holding company called the FSB, which is controlled by the Russian government.
It will remain part of the Fed’s supervision.
The deal is a first step toward resolving the fallout from the 2008 financial crisis, and will be the first of a series of deals that will be approved by regulators around the world.
Blackstone has not disclosed the price of the bank, but it’s believed to be a record-breaking price for the country’s fourth largest bank, the countrys largest.
In addition to the U.K. and Russia, the U, Germany, Switzerland, and Singapore also approved the deal.
Bank Of Americans, which went bankrupt in 2008, had been owned by the Federal Reserve since its inception.
It had been struggling financially during the financial crisis and faced an uncertain future.
As of early Tuesday, Bank of Americas had more than $200 billion in assets, including $52 billion in cash and securities.
It was also one of the nations largest commercial banks, with branches in more than 120 countries.
The Bank of Ameriks was founded in 1894, but its founding principles were more liberal, according to the Federal Deposit Insurance Corp. of the U: We should be independent, not owned by banks or governments, but rather be managed by banks and their shareholders.
The bank was founded to support banks and to provide an alternative to the government-backed banks.
The group’s charter also includes an explicit commitment to the free market and to “the principles of sound money, limited government, free markets, and private property.”
Bank of AMERICA is one of several major U.N. institutions that have been sold to foreign interests.
The U.NAIDS, which consists of the United Nations, the Organization for Economic Cooperation and Development, the World Bank, and the International Monetary Fund, is one that’s been targeted by foreign governments for a bailout.
In 2014, the European Union announced it would offer the U