Bank of America withdrew Rio Tinto financing: report

Bank of America Corp pulled out of a financing deal for Rio Tinto Group`s US$38.1 billion Alcan Inc bid at the last minute, the Daily Telegraph in the UK reported, citing unnamed sources. The US bank was to provide US$15 billion of funding for the deal, with Royal Bank of Scotland Group plc and Deutsche Bank AG providing the rest, according to an unidentified person, the London-based newspaper said. Deutsche Bank arranged alternative funding from Credit Suisse Group and Societe Generale when Bank of America pulled out, according to the Telegraph. Deutsche Bank and Bank of America declined to comment, the newspaper said.