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The world’s largest bank is buying up a significant stake in the world’s third largest bank.

Bank of America is acquiring a stake of 11.5% of JPMorgan Group’s stock for $2.3 bn. The transaction is expected early next year.

Investors have been hopeful that the bank would go public this year after a disappointing third-quarter profit and a weak fourth-quarter return, and would be able to cash in on the success of other American institutions such as Wells Fargo and J.P. Morgan Chase.

The buy is part of Bank of America Corporation’s (BAC) effort to take on bigger international rivals such as Citigroup and France’s Societe Generale, both with more capital and leverage. JPMorgan’s (JPM) stock has more than doubled this year.
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A Bank of America spokesman declined to comment on the financial terms of the agreement to acquire JPMorgan.

A new Bank of America subsidiary will gain shares in JPMorgan and take over JPMorgan’s business in Asia, Africa, Europe and Latin America.

JPMorgan has more than $2.5 trillion in assets but accounts for only 30% of the world’s banking market. Bank of America is the world’s biggest bank by assets and operates from more than 800 offices worldwide, although about 70% are in the US.

Investors were encouraged by the fact that Bank of America is a smaller competitor to other American banks in the world’s largest economy. Bank of America’s stock surged 13% on Sunday to close at $36.54. Wall Street had been betting the bank would sell for around $50 a share.

“This acquisition is an indication that despite their market positioning, they’re taking their game out of the woods and trying to grow,” said Andrew Bewkes, managing director of the banking practice at Bank of America. The acquisition would add more capital in a big way, Bewkes said.

Banks of America has been a leading investment of JPMorgan since it came under takeover pressure in 2010 after the mortgage lender took $6.4 trillion of mortgage debts off its books. The bank also suffered a $2.2 billion loss on its capital investment last year, the latest sign that it was struggling to meet Wall Street’s tough standards.

Bank of America’s move to acquire stakes in other major American banks will be the latest move in a broader focus on taking on more competitors in Wall Street’s financial centres. JPMorgan has said it wants to ”

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