Bank of America

Based in Charlotte, North Carolina, Bank of America Corporation is currently the unrivalled leader on the banking market in USA – it is the country’s largest bank by assets, the largest commercial bank in terms of deposits, and the second largest by market capitalization. The bank is serving about 53 million consumers and small business relationships across the USA through a network of 6,000 retail outlets, more than 18,000 ATMs (including talking ATMs for the blind) and a highly-efficient online banking system with over 29 million active users.

Bank of America started its operations in 1929 from a merger of A. P. Giannini and Bank of America Los Angeles. In 1998, Bank of America was taken over by NationsBank and became BANC (BankAmerica North Carolina) of America. After the merger, the bank’s central office was moved from California to North Carolina. In 2008, the new corporation carried out the takeover of Merrill Lynch. Today, Mr Kenneth D. Lewis, President and CEO of Bank of America Corp, commands an army of over 280,000 officials, serving the corporation’s clients around the world. The main businesses of Bank of America Corp include consumer, corporate, investment banking, and investment and wealth management.

To their individual clients, the financial experts of Bank of America offer the full range of retail banking services such as checking and savings accounts, deposits, credit and debit cards, consumer and auto loans, mortgage loans and refinancing solutions, pension plans and insurance solutions, as well as online and telephone banking services.

In support of small and medium sized enterprises, the experts of Bank of America are ready to offer a rich variety of business banking solutions, including business accounts, debit and credit cards, payments and money transfer assistance, business consulting, tax advisory and project financing services, online business suite, market planning, electronic commerce strategies and loans for healthcare practitioners.

To its corporate and institutional clients, Bank of America offers tailored corporate banking services, encompassing asset-based financing and asset management, wealth and investment management and advisory services, equities, foreign exchange and futures management, industrial leasing solutions, merchant services, supervision and consulting on mergers and acquisitions. In cooperation with governments and other state institutions around the world, Bank of America has been engaged in the financing of many public and public-private initiatives and projects in the spheres of education, healthcare, sports, natural resources management, environmental care, non-for-profit organizations, etc.

In the harsh conditions of 2008 financial year, Bank of America reported total revenues of slightly over 113 billion US dollars, accompanied by a net income of $4 billion and total assets in the amount of $2.25 trillion. The corporation’s total equities were estimated at just over 177 billion dollars.

Commercial Banks Guide > Bank of America