Bank of America (US)
Bank
of America is on course to become the single biggest financial
institution in the US,
offering a broad range of banking and general financial services for
individuals and corporations. It is best known as the country's
leading retail bank, the clear #1 by customer deposits, and now also the leader in
credit card lending and small business banking. A bold merger with
rival NationsBank at the end of
the 1990s established it as the country's first truly national bank, with
a presence stretching from coast to coast. Since then, the group has
consolidated its presence and extended its footprint into a broader range of financial services through
a series of bold acquisitions. Other major purchases have included FleetBoston
in 2004, credit card giant MBNA in 2006, followed by wealth manager US Trust and
retail bank LaSalle in 2007. As a result of a new deal
to acquire struggling mortgage lender Countrywide Financial it is likely
to
become the #1 in home loans as well by the end of 2008. However its
boldest deal to-date was announced in September 2008 when it agreed to rescue
ailing investment giant Merrill Lynch
for $50bn in stock. That merger, when completed in early 2009, will also
establish BofA as the undisputed leader in retail brokerage and wealth
management. Click here to find out
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Competitors: see Financial & Insurance Sector for other companies
Subscribers may access the following website links:
Bank of America
website
|
MBNA |
US Trust |
|
Countrywide Financial |
Columbia Management |
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