Monday, October 27, 2003
Soon, all your money will be ours! Bwaahahaha!
The Bank of America Corporation said today that it had agreed to acquire the FleetBoston Financial Corporation for stock valued at $47 billion in a deal that would create the second biggest banking company in the world.
The deal would combine two institutions that have grown to their current size largely through acquisitions. . .
The combined bank would have operations in 34 countries and serve 2.5 million business clients. Once the merger is completed, the new Bank of America will have $68 billion in shareholders equity. Through the first nine months of this year, the combined companies have generated $10 billion in earnings.
The deal would create a retail banking powerhouse, with 5,700 branch offices and more than 16,500 automated teller machines. The company would occupy the first, second or third biggest market share in 21 of the nation's 30 biggest metropolitan areas. . .
After the acquisition, the new Bank of America will have total deposits of more than $541 billion, or 9.8 percent of all banking deposits in the United States.
Yep, the market sure does take care of itself, doesn't it? And just in case you're wondering, Citigroup is Number One.
posted by chris at 12:02 PM
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