Bank of America

June 6, 2011 – 3:31 pm

Bank of AmericaBusiness Profile
Bank of America Corporation, incorporated in 1998 as part of the merger of BankAmerica Corporation with NationsBank Corporation, is a bank holding company and a financial holding company. Bank of America provides a comprehensive range of banking as well as non-banking financial services and products.

The bank’s headquarters is located in Charlotte, North Carolina. The bank currently operates in 30 US states and 44 foreign countries. In US, the bank serves more than 55 million consumer and small business customers with over 5,700 retail banking branches and over 17,000 ATMs. The bank has more than 21 million active users of its online banking facilities.

Over the years the bank has grown internally as well as through acquisition. The bank has also divested some of its non core businesses. Bank of America acquired 100% stake in MBNA Corporation in January 2006 for $34.6 billion. The acquisition expanded the bank’s client base, significantly increased its affinity relationships through MBNA’s credit card business and opened up various cross selling opportunities to MBNA’s customers. The bank completed the sale of its non core retail and commercial business in Hong Kong and Macau to China Construction Bank for $1.25 billion in December 2006. In September 2006, the bank sold its Brazilian operations to Banco Itaú Holding Financeira S.A.
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Bank of America employs more than 203,000 people with over 100,000 employed within Global Consumer and Small Business Banking segment. The bank’s common stocks are listed on the New York Stock Exchange, Tokyo Stock Exchange and London Stock Exchange.

The bank’s total assets increased 15.5% to $1.5 trillion as of December 31, 2006 from $1.3 trillion as of December 31, 2005. The bank’s total revenues (including interest income and non interest income) increased 30.2% to $73.0 billion in 2006 from $56.1 billion in 2005.

The bank operates through three business segments: Global Consumer and Small Business Banking, Global Corporate and Investment Banking and Global Wealth and Investment Management.

Global Consumer and Small Business Banking offers a comprehensive range of products and services including Deposits, Card Services, Mortgage and Home Equity. In US, the segment serves over 55 million consumer and small business customers through its large branch and ATM network, telephone, and internet channels.

Deposits offer a broad range of products including traditional savings accounts, money market savings accounts, CDs and IRAs, and regular and interest checking products. It also includes the debit card operations of the bank. Deposit products generate a relatively stable source of liquidity and funding for the bank which it deploys to earn net interest spread through lending and ALM activities.

Card Services provides a wide range of offerings through its four business lines: US Consumer and Business Card, Unsecured Lending, Merchant Services and International Card Businesses. The bank increased its co-branded and affinity credit card offering after merger of MBNA.

Mortgage generates offers broad array of mortgage products and services through a retail network of personal bankers, sales account executives and through telephone and online sales force. The segment offers loans for both refinancing and home purchase through fixed and adjustable rate loans.
Home Equity provides line of home equity products including lines of credit and home equity loans.
Global Corporate and Investment Banking offers a broad range of financial services issuer companies and investors. The segment operates through three business lines: Business Lending, Treasury Services, and Capital Markets and Advisory Services.

Business Lending offers lending-related products including commercial and corporate bank loans. Products also include real estate lending, leasing and asset-backed lending, and indirect consumer loans.
Treasury Services provides integrated working capital management, treasury management, foreign exchange, trade finance and short term investing opportunities to multinationals companies, correspondent banks, middle-market companies, government and commercial real estate firms.

Capital Markets and Advisory Services support trading and investing activities of the bank’s institutional investor clients. The bank also offer equity and debt underwriting and distribution capabilities, merger and acquisition related advisory services and risk management solutions using equity, credit, interest rate and commodity derivatives, fixed income, and foreign exchange services and products to its corporate and commercial issuer clients.

Global Wealth and Investment Management provides customized banking and investment services three business lines: Columbia Management, The Private Bank, and Premier Banking and Investments.
Columbia Management manages assets and provides mutual funds, liquidity strategies an separate accounts to institutional clients and individuals.

The Private Bank offers end to end wealth management solutions to high net worth and ultra high net worth individuals, charitable organizations and middle-market institutions with assets over $3 million. Key services include investment, asset management services, and trust and banking services.
Premier Banking and Investments operates through Premier Banking channel and Banc of America Investments, a full-service retail brokerage firm. The division offers customized banking and investment services to affluent customers.

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