Bank of America
Bank of America is a leading global financial services provider which also has operations in India. It is one of the oldest banking institutions in America. The global headquarters of the bank are based in Charlotte, North Carolina. The bank offers a suite of services in areas like insurance and finance, corporate banking, consumer banking, investment management, investment banking, private equity, global wealth management, credit cards and mortgages.Holding the second rank in terms of assets and fourth in terms of market capitalization, the bank has its headquarters in Charlotte, North Carolina. With its clients across 150 countries, the bank has established a rapport with most of the Fortune Global 500 and US Fortune 500 companies. An eminent member of the FDIC (Federal Deposit Insurance Corporation) and an integral part of Dow Jones Industrial Average, Bank of America enjoys about 12.2% of all bank deposits across US. The main competitors of this bank are Wells Fargo, JPMorgan Chase and Citigroup. The bank has its operations in about forty non-US countries, teamed up with all the fifty states in US including the District of Columbia. It also comes with a retail banking sector which caters to the needs of about 57 million clients.
About Bank of America
Bank of America was founded in 1904 and it is the biggest bank holding company in the United States. In terms of the value of market capitalization, it is also one of the biggest banks in the world. The bank has a huge client base spreading out in over 150 countries of the world. Bank of America has associations with majority of Fortune 500 companies in the world.
The acquisition of Merrill Lynch in 2008 helped Bank of America become the biggest wealth manager in the world. It is also playing a key role in the investment banking sector of the world.
Bank of America is affiliated to the Federal Deposit Insurance Corporation (FDIC). It is also a constituent of both the Dow Jones Industrial Average and the S&P 500 Index. The Indian operations of Bank of America began in Hyderabad way back in 1960. Subsequently, the bank opened branches in Chennai, Mumbai, New Delhi, Kolkata and Bangalore.
For the financial year ended 31st March, 2006 Bank of America posted an 80% hike in its net profit. Since then a significant growth has been noticed in the Indian operations of the bank.
Competitors of Bank of America
- JP Morgan Chase
- Citigroup
- Wells Fargo
Products and services of Bank of America
A. Corporate Investment Banking
- Corporate finance solutions
- Credit products
- Comprehensive relationship management
- Advisory services
B. Treasury Management
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C. Risk Management
- Interest rate derivatives
- Foreign exchange
- Structured products fixed with currencies, rates, commodities or credits
- Credit derivatives
D. Debt Capital Raising
- Syndicated Loans
- Global Foreign Exchange
- Commodities
- Municipal,US treasury an dagency securities
- High yield securities
- High grade securities
- Money market funds and securities
- Private placements
- Tax advantaged investments
- Mortgage and asset backed securities
- Structures credit products
E. Investment Management
1) Fundamental equity solutions
- Core
- Value
- Income
- Growth
- International
2) Quantitative equity solutions
- Passive
- Enhanced
- Asset allocation
F. Fixed income solutions
- Sector-focused solutions
- Diversified solutions
- Custom solutions on the basis of client type
G. Liquidity solutions
- Customized accounts and funds
- Global strategies
Online Banking
WIth internet banking service of this bank, one can easily manage the funds.
The main features are:
- View accounts i.e. all the details are available at one place.
- Make payments easily
- Transfer money safely
- Invoicing
- Easy online Payroll
- Tax services
Home Loans
Whether you want to buy your home for the first time, are looking forward for a second home or want to buy one just for the sake of investment, you can count on Bank of America for your home financing needs.
Depending on your budget, you can go in for any home loan at Bank of America. For example, if you choose the 30 year fixed home loan plan, then your rate of interest will be fixed for the specified number of years. The same rule of thumb is applicable for those applying for the 15 years fixed home loan plan. However, things are a bit different for those choosing the 5/1 ARM home loan plan. Here, you will have to repay the borrowed amount at a fixed interest rate for the first five years and then proceed towards a fluctuating interest rate.
Additional Home Financing Options
In addition to this, the bank also offers you additional loans and programs so as to cater to your home financing needs. These are as follows:
FHA or Federal Housing Administration Loans: If you are purchasing a home for the first time or are in a position to compensate only a small portion of the down payment, then this loan type is the best option for you.
VA or Veterans Affairs Loans: If you have been an employee of US military or are serving the same currently and are interested in purchasing a home, then this loan type makes for a great choice. This direct home loan plan aims at supplying home financing to qualifying veterans in cases where the option of private financing is usually unavailable. By opting for this loan type, you can purchase your desired property without having to make any down payments.
Besides the various home loan plans, the bank also introduces the various home insurance policies which safeguards your house under unexpected situations. You need to buy homeowners insurance prior to closing down your housing loan. The best home insurance policies that you can opt for include Line Protection Plan and Borrowers Protection Plan.
Bank of America Contact Details
Bank of America
Corporate Center
100 North Tryon Street
Charlotte, North Carolina 28255
Last Updated On: 2012/01/09
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