Bank of America Corp wants to pay back $45 billion in bail-out funds by the end of the year, accelerated by a program to raise capital, the Financial Times reported on its website late on Wednesday.

The largest U.S. bank by assets is on track to raise more than $35 billion in capital by the end of September, the report said, citing people familiar with the matter.

Bank of America said on Tuesday it raised $13.47 billion through a share sale, marking a major step toward meeting the U.S. government's requirements for capital-raising following the recent stress testing of the bank.

Including proceeds from the sale of part of its stake in China Construction Bank Corp <601939.SS> for $7.3 billion, the bank is now more than halfway to plugging a $33.9 billion capital shortfall identified by the government.

The report also said the bank is in negotiations to sell some of its non-core assets.

The bank believes it can raise $6 billion to $7 billion of after-tax capital from the sale of assets such as private bank First Republic, administration group Financial Data Services and insurer Balboa, the report said.

The bank could also convert $9 billion in preferred shares and as much as $2 billion-plus in deferred tax gains, the report added.

(Reporting by Jui Chakravorty; Editing by Andre Grenon)

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