Bank of America N.A

18 Nov 1999

1

    A ‘P1+’ (pronounced P one plus) rating has been assigned to the Certificates of Deposit programme of Bank of America N.A.

    The rating reflects Bank of America N.A’s position as a leading global bank and its strong local branch operations in India. The local branch operations of the bank in India are characterised by strong asset quality and high profitability. As part of its global strategy, Bank of America N.A has sold off its retail business in some Asian countries including India. The impact of the sale would not be very significant on the assets side of the local operations balance sheet, as the bank still continues to hold a reasonably sized corporate portfolio wherein, the bank provides both fund and non fund based facilities to leading corporate clients in the domestic market. However, the sale of the retail business would expose the bank’s deposit costs to greater volatility in future, as the deposit base would be entirely wholesale in future. .

    Bank of America N.A started its Indian operations in 1964 and currently operates through four branches in India. Bank of America N.A is a subsidiary of Bank of America Corporation. In the year 1998, there has been a merger of the Bank America Corp and Nationsbank which has resulted in one of the largest banking groups in the US. Bank of America Corporation (merged entity) and its subsidiaries is the largest bank holding company in the United States with total assets of $ 617.7 billion and the total deposits of $357.3 billion as at December 31, 1998.

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