Bank of America (English: Bank of America, NYSE:BAC, Zhengdong 1: 8648) is the largest commercial bank in the United States. In 2006, it was the third largest company in the world according to Forbes Global 2000. The establishment of this bank can be traced back to the Bank of Massachusetts in 1784, and it is the second oldest bank in the United States.
On June 6th, 2005, Bank of America and China Construction Bank announced in Beijing that they had signed a final agreement on strategic investment and cooperation. According to the agreement, Bank of America will invest in China Construction Bank in stages, with a final shareholding of 65,438+09.9%. Bank of America Asia, a subsidiary of Bank of America, announced earlier that it would sell its Hong Kong business to China Construction Bank and withdraw from the China market for about 9.7 billion Hong Kong dollars, while the original Shanghai and Guangzhou offices were operated by China Construction Bank.
history
Amadeo Giannini is the founder of Bank of America. 1906 after the San Francisco earthquake, his Italian bank became the leader of the banking industry in San Francisco through local loans.
1920 Later, Gianini proposed the merger of the two parties to Orra E. Monnet, the founder of Bank of America in Los Angeles. The Bank of Los Angeles experienced strong growth in 1960s+0920s, which was due to the successful establishment of an advanced branch system. At the beginning of 1929, the merger of the two parties was completed and it was officially named Bank of America. Gianini is the chairman and Monnet is the vice-chairman.
1959, the bank invented a bank credit card called BankAmericard, and 1977 changed its name to Visa card. A group of other California banks jointly issued MasterCard to compete with American bank cards.
On September 14, 2008, Bank of America and Merrill Lynch reached an agreement to exchange 0.8595 shares for one common stock of Merrill Lynch.
The acquisition of 29 yuan at $50 billion per share will form the largest financial service institution in the world.
Bank of America: total assets17157.46 million USD.
Merrill Lynch: total assets of 654.38+002.005 billion USD.
As of February 2007, 65438