Where are the footprints of Bank of America?

The second largest banking institution in the United States: The Bank of America was formed after the acquisition of ‘BankAmerica‘ by the ‘NationsBank,’ in 1998. Serving almost 67 million customers, the Bank of America renders a range of financial services and investment banking. Headquartered at Charlotte, North Carolina, the corporation lays its foundation on the principles of responsible growth and environmental, social and governance leadership. The purpose is to make financial lives better by connecting communities to the resources they require in order to achieve success. Their customer groups are constitutive of people, companies and institution investors. With a straightforward business strategy, it covers 85% of US population and small business clients. Whereas at the international levels, the broadest array of solutions are brought forward to help companies grow, improve cash flows and investments for the future. Also penetrating the fixed income and equity products, the global span of the corporation avails the institution investors access to investment opportunities.

History of Bank of America:

Amadeo Pietro Giannini, founded the Bank of Italy, in 1904, which formed the basis of the foundation of Bank of America. The Bank of Italy was formed in order to meet the needs of the immigrants to settle in the United States at that time. The survival of the bank, post the San Francisco earthquake of 1906, and commencing of the rescued funds to those who needed funds to rebuild, helped establish the Bank of America and Italy in 1922. The merging of the ‘Bancitaly Corporation,’ also founded by Giannini, with the Bank of America, Los Angeles, founded by Orra E. Monnette and consolidation with other bank holdings led to the creation of the largest banking institution of the country.

The Expansion outside San Francisco, to branch openings and acquisitions in the following years led to the quick transition of the bank into large resource corporation. Spreading into most of the Western States as well as into the insurance industry, the aim was to gain a reputation of a national bank under the aegis of the holding company,  Transamerica Corporation. But the regulations of the Federal Bank of America, led to the split in these with the latter continuing with insurance business operations. It was only in the 1980s, that the Bank of America, could expand its consumer banking activity outside California.

The Bank of America saw a tremendous decline in 1980s, but this was also followed by the largest acquisition by the bank in 1992. The takeover of the California rival,  ‘Security Pacific Corporation‘ and its subsidiary ‘Security pacific National Bank‘ and other small banks established the Bank of America as the first bank to offer coast-to-coast operations in the United States. It marked its footprints in England by the taking over of ‘FleetBoston Financial Corporation‘ in 2004. The firm also enlarged its credit card business by acquiring  ‘National Processing,’ in 2004 and its merger with ‘MBNA corporation’ in 2006, resulted in the bank becoming the largest issuer of credit cards. The accession of ‘Countrywide Financial’ by Bank of America, in 2007, made the bank a leading mortgage originator and service provider in the United States. The taking over of ‘Merrill Lynch and Co.,’ in 2009, diverted its investment banking activities under the new wing, integrating all operations of investment banking under one division.

Connecting the World:

Prevalent in almost all continents, the Bank has client servicing across the world. The  Asia Pacific team involves 12 currencies and a broad range of asset classes. The Bank operates in countries like  China, India, Indonesia, Japan, Malaysia, Philippines, Thailand. Offering services to meet the needs of corporate, institutional and government clients, the team has offices in 19 countries spanning over the three regions: Europe, Middle East, Africa. Robust capabilities and expertise have led in delivering complete portfolio of financial and advisory solutions across 6 countries in Latin America.

In  United States,  the bank has established its empire in all 50 states, servicing 85% of the population, 67 million customers and small business clients with almost 4,400 retail centers and a leading online and mobile banking platform.

The rolling out of new services and products and a market targeted towards customers has resulted in the easy access to information and services. They have also done a great job in creating ‘one-stop-shop’ for its clients. The introduction of high-tech, high-touch approach aids the clients in availing the services through time and space.

Below lying table mentions the notable buildings of Bank of America in United States:

Know more:

• Banking system of Wells Fargo & Co.
• Overseas branches of China Construction Bank

• Alibaba’s global retail empire
• Largest bank in the USA

Related maps: