WASHINGTON — Bank of America Corp. plans to repay $45 billion in government aid, a move that will allow the bank to begin escaping pay and other restrictions imposed by the U.S., according to people familiar with the matter.

The bank plans to raise about $20 billion in new capital, these people said, a move required by federal regulators to ensure the bank has sufficient capital reserves and will not need to come back to the government for additional aid.

The deal, which has been in the works for several weeks, was negotiated in large part by Greg Curl, Bank of America's chief risk officer. Mr. Curl may be installed as interim CEO, people familiar with the matter said, although that move might not be imminent.

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