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Bank of America (BAC) Stock Moves 10.6%: What You Should Know

Bank of America's (BAC) - Get Report stock price surged 10.6% on Friday, following a report that the company is in talks to acquire a 20% stake in the Chinese fintech company, Ant Group.

The news sent shockwaves through the financial sector, as investors reacted to the potential deal. Ant Group, which is backed by Alibaba Group Holding (BABA) - Get Report, is a leading player in China's rapidly growing fintech market.

According to reports, Bank of America is in advanced talks to acquire the 20% stake in Ant Group, which would value the company at around $17 billion. The deal would be a significant move for Bank of America, as it would give the company a major foothold in China's fintech market.

The potential deal has significant implications for Bank of America's future growth prospects. China's fintech market is expected to continue growing rapidly in the coming years, driven by the government's efforts to increase financial inclusion and the growing demand for digital financial services.

The news sent Bank of America's stock price soaring, with shares closing up 10.6% on Friday. The stock has been trading in a tight range over the past few months, but the news of the potential deal appears to have broken the stock out of its trading range.

Bank of America's acquisition of a 20% stake in Ant Group would be a significant move for the company, and would likely have significant implications for its future growth prospects. The deal would give Bank of America a major foothold in China's fintech market, and would likely drive growth for the company in the coming years.

It's worth noting that the deal is still in the talks stage, and there is no guarantee that it will be completed. However, the news sent Bank of America's stock price soaring, and investors are likely to be watching the situation closely in the coming weeks.