Active

BofA

Official Certification

United States

20 Year

Official Website

Updated On 2025-04-10 11:54:43

Industry Rating

a

Basic Information

Full Name Of The Enterprise

Bank of America

Country

United States

Enterprise Classification

Bank Insurance (Commercial Bank)

Registration Time

1928

Business Status

Active

Regulatory Information

Enterprise Evaluation/Exposure

Write Comments/Exposure

Exposure Evaluation

Write Comments/Exposure

BofA Enterprise Introduction

Bank Of America (English: Bank Of America, Referred To As BofA Or BOA In The United States) Is The Second Largest Commercial Bank In The United States In Terms Of Assets, After JPMorgan Chase. Bank Of America Has About 5,600 Branches And 16,200 ATM Points In More Than 150 Countries Around The World. In 2010, Bank Of America Was The Third Largest Company In The United States By Total Revenue. In 2014, It Was The 13th Largest Company In The World According To Forbes Global 2000 Public Companies. The Bank's Establishment Dates Back To Massachusetts Bank In 1784 And Is The Second Oldest Bank In The United States.

History Amadeo Giannini Is The Founder Of Today's Bank Of America NT & SA. After The San Francisco Earthquake In 1906, Amadeo Giannini Quickly Took Out All The Money And Customer Information In The Small Italian Bank, Thus Escaping The Fire After The Earthquake. He Became A Leader In The San Francisco Banking Industry By Borrowing Money When The Local Area Needed Money To Rebuild, While Other Large Banks Were Still Repairing The Losses Of The Fire.

In Late 1920, Giannini Proposed A Merger Of The Two Parties To Orra E. Monnette, Founder Of Bank Of Italy Los Angeles. The Los Angeles Bank Experienced Strong Growth In The 1920s Due To The Successful Establishment Of An Advanced Branch System. In Early 1929, The Merger Was Completed And Officially Named Bank Of America. The Chairperson Is Giannini And The Vice Chairperson Is Monnette.
In 1958, The Bank Invented The Bank Credit Card, Called BankAmericard, Which Was Renamed Visa Card In 1976. A Group Of Other California Banks Jointly Issued MasterCard To Compete With BankAmericard.
In December 2002, Bank Of America Paid $1.60 Billion For A 25% Stake In Grupo Financiero Santander Serfin, Mexico's Third Largest Bank.
On June 17, 2005, Bank Of America And China Construction Bank Jointly Announced In Beijing That They Had Signed A Definitive Agreement On Strategic Investment And Cooperation. Under The Agreement, Bank Of America Will Invest In China Construction Bank In Stages, With An Eventual Stake Of 19.9%. Bank Of America Asia, A Subsidiary Of Bank Of America, Earlier Announced The Sale Of Its Hong Kong Operations To China Construction Bank For Approximately HK $9.70 Billion And Withdrawal From The Chinese Market, While The Former Shanghai And Guangzhou Offices Were Operated By China Construction Bank.
On July 2, 2007, It Acquired Wealth Management Company U.S. Trust Corp. And Its Subsidiary U.S. Trust Company For US $3.30 Billion.
On September 14, 2007, Bank Of America Acquired LaSalle Bank, A Subsidiary Of ABN Amro, For US $21 Billion.
In September 2008, Following The Financial Tsunami, Bank Of America Reached An Agreement With Merrill Lynch To Acquire The Largest Financial Services Institution In The World For $44 Billion.
In January 2009, The US Government Injected An Additional $20 Billion Into Bank Of America And Guaranteed Up To $118 Billion In Assets.
In March 2009, Temasek Holdings Sold Its Entire 3.8% Stake In Bank Of America.
In September 2009, Bank Of America Sold Columbia Management's Long-term Asset Management Business To Ameriprise Financial Inc. For Approximately $1 Billion.
In December 2009, Bank Of America Will Pay Off The US Government's "Troubled Asset Relief Program" (TARP) In A Total Amount Of $45 Billion. Bank Of America Will Use $26.20 Billion In Cash And Sell Securities Consisting Of Depositary Shares And Warrants Convertible Into 1 Common Share; A Total Of 1.286 Billion Shares Will Be Sold For A Total Of $19.30 Billion.
In August 2011, Bank Of America Signed A Definitive Agreement To Sell Its Credit Card Business In Spain To Apollo Capital Management, Inc.
In August 2011, Bank Of America Sold MBNA, A Canadian Credit Card Business With A $8.60 Billion Portfolio Of Assets And Certain Other Assets And Liabilities, To Toronto-Dominion Bank Financial Group.
In August 2011, Berkshire Hathaway Entered Into An Agreement With Bank Of America To Acquire 50,000 Shares Of Bank Of America Preference Shares For A Total Of $5 Billion. In Addition, Berkshire Hathaway Also Received Options For 700 Million Shares Of Bank Of America With A 10-year Exercise Period, Which Represents Berkshire Hathaway Can Inject Up To $10 Billion Into Bank Of America.

When Bank Of America Listed In China Construction Bank In June 2005, It Bought 19.133 Billion Shares Of CCB For $3 Billion, With A Shareholding Ratio Of Up To 19.14%. Since 2009, It Has Reduced Its Holdings Of CCB H Shares Four Times In A Row.

In August 2011, Bank Of America Will Sell About 13.10 Billion Shares Of CCB H Shares, Or About 5.12%, To An Investment Consortium At A Price Of $8.30 Billion. The Sale Generates An After-tax Gain Of $3.30 Billion For Bank Of America.
In November 2011, Bank Of America Sold 10.40 Billion Shares Of CCB In A Private Transaction, Equivalent To 4.14% Of CCB's Issued Share Capital. The Capital Involved Was 6.60 Billion US Dollars, And The Allotment Price Was 4.93 Yuan Per Share. Since 2009, Bank Of America Has Reduced Its Holdings Of CCB Four Times, Accumulating About 194.60 Billion Yuan. It Is Expected To Bring 1.80 Billion US Dollars After-tax Income To Bank Of America. The Shareholding Will Be Reduced From 5.12% To 0.84%, Leaving About 2.10 Billion Shares.
On August 14, 2012, Julius Baer Agreed To Acquire Merrill Lynch's Non-U.S. Wealth Management Business For CHF 860 Million (approximately HK $6.80 Billion Or US $882 Million). Julius Baer Will Finance The Transaction Through Cash, As Well As The Issuance Of Hybrid Bonds And New Shares. Bank Of America Will Acquire A 3% Stake In Julius Baer.
In April 2013, The New York State Attorney General Sued Bank Of America And Wells Fargo For Violating The National Mortgage Settlement Agreement By Seizing Homes.
On September 3, 2013, Bank Of America Sold 2 Billion Shares Of China Construction Bank H Through Block Trade, Emptying All Remaining Holdings. The Rights Issue Price Was HK $5.70 (74 Cents) 1, And The Cash Was 1.47 Billion US Dollars. Including This Placement, Bank Of America Has Cashed Out A Total Of More Than 200 Billion Yuan.
On March 26, 2014, The Federal Housing Finance Agency Announced An Agreement With Bank Of America, In Which Bank Of America Agreed To Pay US $9.50 Billion To Settle Four Federal Housing Finance Agency Lawsuits Against Bank Of America And Its Subsidiaries Related To The Sale Of Residential Mortgage-backed Securities.
On August 21, 2014, The Department Of Justice Said That Bank Of America Will Pay $16.65 Billion To End Federal And State Investigations Into Mortgage Bond Sales.
In October 2016, At The Money 20/20 Conference, Retail Banking President Thong Nguyen Introduced A Digital Assistant Called Erica. Starting In 2017, Customers Will Be Able To Communicate With Erica Using Voice Or Text To Get Advice, Check Balances, And Pay Bills.