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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.

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

Given below are the names of the major competitors of the bank:

  1. JP Morgan Chase
  2. Citigroup
  3. Wells Fargo

Products and services of Bank of America

The varied range of products and services offered by Bank of America includes the following:

Corporate Investment Banking

  1. Corporate finance solutions
  2. Credit products
  3. Comprehensive relationship management
  4. Advisory services

Treasury Management

  1. Multi-currency account services
  2. Global settlement/International payments
  3. Receivables management/concentration services
  4. Liquidity management
  5. Local currency collections and payments
  6. Automated reporting via eBanking platforms
  7. Open account solutions
  1. International trade services
  2. Vendor financing
  3. Letters of credit/private label letters of credit
  4. Collections
  5. Bankers acceptances
  6. Check 21-banknotes
  7. Global wire platform

Risk Management

  1. Interest rate derivatives
  2. Foreign exchange
  3. Structured products fixed with currencies, rates, commodities or credits
  4. Credit derivatives

Debt Capital Raising

  1. Private placements, G3
  2. Debt capital markets (HG/HY)
  3. Syndicated loans
  4. Asset securitization, G3
  5. Notes and commercial paper, G3

Investment Management

1) Fundamental equity solutions

  1. Core
  2. Value
  3. Income
  4. Growth
  5. International

2) Quantitative equity solutions

  1. Passive
  2. Enhanced
  3. Asset allocation

Fixed income solutions

  1. Sector-focused solutions
  2. Diversified solutions
  3. Custom solutions on the basis of client type

Liquidity solutions

  1. Customized accounts and funds
  2. Global strategies

Bank of America Contact Details

Country Office
Empress Towers
Nariman Point
Mumbai, Bombay 400-021, India

Tel: +91.22.6632.3000
Fax: +91.22.2287.0981


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