Belgian bank, KBC, has divested its U.S. reverse mortgage business, releasing about $800 million in cash, The Wall Street Journal reports. The sale of the portfolio, which was part of the KBC Financial Products division, is also likely to reduce its risk profile.

Bank of America is said to have acquired the portfolio, adds Reverse Mortgage Daily. The bank has reviewed its strategic plan and decided to focus on retail and private banking customers, along with small and medium sized enterprises in Belgium and Central and Eastern Europe.

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