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Berkshire Hathaway wants to up stake in Bank of America

Berkshire Hathaway Inc. is asking the Federal Reserve to allow it to increase its stake in Bank of America Corp. to more than 10%, Bloomberg News reported.

The Warren Buffett-led company plans to remain a passive investor in the lender.

Berkshire Hathaway's filing stated its intention to purchase additional shares in the bank without specifying how many shares it may buy.