Warren Buffett’s Berkshire Hathaway Inc sold about 34 million shares in Bank of America Corp for US$1.48 billion , according to a public filing on Friday.

Berkshire still owns more than 998 million shares, valued at over US$42 billion, making the conglomerate one of the bank’s largest shareholders, according to Bloomberg data. Bank of America stock has risen 7.9% in the month to date.

Buffett had invested US$5 billion in the bank in 2011 in exchange for preferred stock and the right to buy common shares, providing a vital signal of confidence in the lender after the financial crisis. The cash infusion had quelled doubts about whether the bank had enough capital, and its shares soon surged, creating a massive paper profit for Berkshire.

Buffett eventually used those rights and additional share purchases to build up a stake that swelled into one of Berkshire’s largest stock holdings. The billionaire’s lengthy investment has also served as a vote of confidence in the stewardship of the bank’s chief executive officer, Brian Moynihan.

  - Bloomberg