Bank of America

About Bank of America

Bank of America or BofA is one of the major commercial bank in the world. The headquarters of the bank are located at Charlotte, North Carolina. Bank of America serves more than 50 million customers and has about 19,000 ATMs and 6,100 retail banking offices. More than 20 million customers use the Bank of America Online Services. Bank of America is the largest bank by assets, largest financial services company, second largest in terms of market capitalization and the largest commercial bank by deposit in the United States of America. The bank has business relationship with more than 95% of the Fortune 500 Companies.

A Brief History

The bank was started by Amadeo Peter Giannini in San Francisco in the year 1904 for the small farmers who had come from Italy. After the bank was taken over by the former NationsBank in 1998, the bank came to be known as Bank of America. After taking over Merrill Lynch in 2008, the bank rose to the number one position in the United States. Some of the other mergers and acquisition in the history of the Bank of America are: merger with FleetBoston Financial, purchase of US Trust, acquisition of Countrywide Financial, acquiring MBNA and National Processing Company.

Federal Bailout of Bank of America

In January 2009, Under the Troubled Asset Relief Program (TARP) of the United States Government, Bank of America received US $20 billion in federal bailout. The bank also got a guarantee of US $118 billion in potential losses at the company in addition to the $25 billion given in the fall of 2008 through TARP. Members of the US Congress have expressed concern about how the bailout money is being spent as there have been certain accusations of the misuse of this bailout money.

Bank of America- India

The Indian branch of the Bank of America was started in the year 1960 in Hyderabad and added four more branches by 1999. Bank of America Securities India Pvt Ltd is a subsidiary of the Bank of America, India. The bank has plans to increase its range of product and the client base in the country. In the period 2005-2006 the Indian branch of the Bank of America registered a net profit of Rs 144 crore, which was an increase of 80%. Back office operations, IT and some other work has been outsourced to the office in India. BPO operations of the bank are handled in Hyderabad, Mumbai and Gurgaon.

The India operations of the bank are being expanding through Bank of America Corp. which has recently opened a fully owned subsidiary, The Continuum Solutions Pvt. Ltd., in Hyderabad. Here the bank has the Global Delivery Centre Expertise which handles every activity related to outsourcing.

Bank Divisions

More than 85% of the revenue for the bank is generated in its domestic market. The major divisions of the bank are Corporate Division, Consumer Division, Investment Management Division and the International Operations Division. The bank has presence in Asia, Europe, Middle East, Africa, Latin America, U.S. and Canada.

Products and Bank Services

Bank of America offers the following services:

IRAs Mortgage Auto Loans Insurance ---
Retirement Credit Cards Home Equity Personal Loans
Investment Services Online Investment Online Banking ---

Contact Details

Express Towers, 16th Floor
Nariman Point
City: Mumbai
Pin: 400 021
State: Maharashtra
Phone No.: +91-22-22852882
Fax: +91-22-22870981

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