Bank of America Receives Federal Reserve Approval of Merrill Lynch Purchase

26 November 2008

CHARLOTTE, N.C., Nov. 26 /PRNewswire/ — Bank of America Corporation today received approval from the Board of Governors of the Federal Reserve System of the company’s purchase of Merrill Lynch & Co., Inc. Bank of America aims to close the transaction by the end of the year pending shareholder and other regulatory approvals.

Merrill Lynch is expected to enhance Bank of America’s current strengths by creating a company with the leading position in wealth management as well as in global debt underwriting, global equities and global merger and acquisition advice. Once the purchase is complete, Bank of America will have the largest wealth management business in the world with nearly 20,000 financial advisors and approximately $2.5 trillion in client assets.

“Combining the leading global wealth management, capital markets and advisory firm with largest consumer and corporate bank in the U.S. creates the world’s premier financial services company with unrivalled breadth and global reach,” said Bank of America Chairman and Chief Executive Officer Kenneth D. Lewis. “This presents a compelling opportunity for our customers and shareholders.”

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