A

PRESENTATION
 INTRODUCTION
• Bank Of America Corporation (BAC) is one of the oldest banks of
United States (US) based in Charlotte, North Carolina. It is placed
among the largest financial services companies with largest bank
assets in the US. Presently Mr. Kenneth D. Lewis is the CEO and
President of the company. It holds the most number of commercial
bank deposits tuning up to nearly 12.2% of total US deposits. As per
market capitalization it is positioned second at it’s domestic market.
BAC is the leading wealth management company as well as global
leader in corporate investment banking and trading. BAC is
registered with NYSE. It serves consumers, small-middle-large
businesses, corporate institutions by providing banking, risk
management, asset management, finance management, private
equity products and services.
 BACKGROUND
• BAC started as a bank for migrants as A.P.Giannini founded Bank of
Italy in 1904 in San Francisco.
• In 1927 Giannini consolidated with Liberty Bank of America forming
Bank of Italy National Trust & Savings Association.
• In 1928 Giannini merged with Bank of America Los Angeles and
consolidated with other banks forming largest banking institution in
US and renamed it as Bank of America in 1930.
• The bank operated under the aegis of Giannini’s holding company
TransAmerica till 1953.
• In 1958 the bank introduced Bank Amricard which changed its name
to VISA in 1975.
• The Bank of America was acquired by Nations Bank in 1998
regarded as the largest bank acquisition in history and renamed as
Bank of America Corporation.
• In 2005 BAC purchased credit card giant MBNA which made it the
leading credit card issuer in home and abroad.
• The bank has been constantly engaged in mergers and acquisitions
with other banking and financial institutions. Merrill Lynch & Co is the
latest acquisition as it was purchased by BAC in 2008 while the
former was at its verge of bankruptcy.
 KEY ASPECTS
• Is a component of Dow Jones Industrial Average.
• It belongs to the group of Global Fortune 500 companies.
• It provides industry leading support to about 4 million small business
owners through service innovation and easy to use online products
and services.
• It serves 55 million customers and small businesses with 6,100 retail
bank centers and 18,500 ATMs.
• It provides award winning online banking to 30 million active users.
• It’s client list includes 79% of the Global Fortune 500 companies.
• It generates 90% revenue from its domestic market.
• In 2008 the annual revenue for BAC was recorded at $113.10 billion.
• In 2008, the net income for BAC was $4 billion.
• Till July 2009 the total assets of the company was recorded at $2.25
trillion.
 DIVISIONS
• Global Consumer & Small Business Banking is the largest division of the
company dealing primarily with consumer banking, credit cards, mortgage,
refinance, insurance & protection, investment services and loans.
• Global Corporate & Institutional Banking provides merger and
acquisition advisory, asset based finance, debt and liquid products,
electronic trading services, equities, foreign exchange, futures, leasing,
merchant services, NYSE special firm, and trade services.
• Global Investment & Finance Management manages assets of institutes
and individuals, provides investment solutions, private equity solutions and
treasury management solutions.
• International Operations serves the clients of BAC across 150 nations in
US, Asia, Europe, Latin America, Middle East and Canada. The bank has
tied up with major financial and banking institutions in various countries to
create a prominent client base. In Asia the company provides investment
solutions, services in global trading and marketing.
 BAC IN INDIA

• India as an emerging market has attracted the

investment of BAC. Bank of America has been
operating in India since 1960’s. Bank of America
Securities India is a subsidiary of BAC. In the
fiscal year ending on 31 March, 2006, BAC
reported 80% increase in net profit in India. BAC
has its branches at Delhi, Kolkata, Bangalore,
Chennai with its country head office at Mumbai.