Qatar's sovereign wealth fund, one of the world's most prolific investors, is building a $1 billion holding in Bank of America, seeking to benefit from the U.S. economic recovery, the Financial Times reported, citing sources close to the plans.

Qatar Holding, the investment arm of Qatar Investment Authority (QIA), began buying BofA shares about two years ago, the newspaper said on its website, citing a person close to the fund. The FT added that Qatar had bought more of the bank's shares when their price fell to $7 and $8 last year.

BofA's stock closed at $14.17, up 2 cents, on the New York Stock Exchange. A $1 billion stake at this price represents less than 1 percent of BofA, which has a market capitalisation of about $151.2 billion, according to Thomson Reuters data.

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