Bank of America
March 23rd, 2008 at 1:48 pm (Bank Accounts, Mortgages, Financing)
In the United States of America there are some financial institutions that are very important for the country and well known. These organizations are the leading and the largest bank holding companies and financial services corporations. They manage the funds of a huge number of American s and many people all around the world. Owing to these companies, many people can be sure that their money is safe and secure. But from time to time some problems happen even to the customers of the leading companies. And Bank of America is not an exception.
Foundation of the bank. Bank of America Corporation is a publicly held company. The company is headquartered in Charlotte, North Carolina. The tagline of Bank of America Corporation is “Bank of Opportunity.” According to deposits and market capitalization, Bank of America Corporation is the largest bank in the United States. Before the company was transformed and named Bank of America Corporation, it existed as Nations Bank. This bank was also known as North Carolina National Bank. The history of Bank of America Corporation is very long and interesting. The corporation has consolidated many famous and important banks of the USA. Bank of Italy is one of them. This bank was founded in 1904 by Italian immigrant. In the beginning of 1920s, Bank of Italy merged with Bank of America that was headquartered in Los Angeles, California. And thus this huge strong nations bank was built.
Bank of America acquisitions. Since that merger, the bank has acquired many different financial services companies. In 2004, Bank of America Corporation acquired National Processing Company. The corporation purchased credit company MBNA and it made Bank of America Corporation the largest credit card issuer in the United States and in the whole world. Besides, the company acquired many foreign financial companies such as Banco Itau of Brazil. Bank of America Corporation has also acquired US Trust, ABN Amro North America and many other companies. And the corporation continues to purchase businesses at home and abroad.
Bank of America corporate structure. Bank of America Corporation consists of several divisions. Each of these divisions has a certain function. For instance, Global Consumer and Small Business Banking division is the largest in Bank of America. This division focuses on consumer banking and issuing of credit cards. There is Global Corporate and Investment division that specializes in mergers and acquisitions advisory, underwriting, capital market, etc. Global Wealth and Investment Management manages assets of different companies and people.