Boston, MA 10/02/2013 (wallstreetpr) – The 2nd largest bank in the United States by assets, Bank of America Corp (NYSE:BAC) completed the merger with Merrill Lynch and Co. This is the subsidiary of the parent company. The merger will help in simplifying the corporate structure of the bank.
The bank now assumes the debt and the obligations of the unit but the Merrill Lynch brand will be retained said the company in its statement. The bank had first disclosed this transaction in a 2 August filing. Merrill Lynch’s outstanding non-US and US debt securities and its obligations relating to trust-preferred securities and the guarantees of subsidiaries’ trading contracts of and non-debt securities have also been assumed by Bank of America Corp (NYSE:BAC)
The largest banks are now required to submit latest plans to regulators, about what wind-down procedures they would follow in a crisis situation. Brian T Moynihan, Bank of America Corp (NYSE:BAC)’s Chief Executive Officer’s predecessor had acquired Merrill Lynch in the year 2009.
Tuesday’s trading
In Tuesday’s trading, Bank of America Corp (NYSE:BAC) rose by 0.72%. The shares opened at a price of $13.85, climbed to an intraday high of $13.92 and dipped to a close of $13.90. Approximately 57.63 million shares were traded on Tuesday while an average volume of 86.74 million shares were traded over a 30 day period. The 52-week low of the company’s shares is $8.85 and its 52-week high is $15.03. The company has a market capitalization of $149.33 billion.
About the company
Bank of America Corp (NYSE:BAC) is a bank-holding company. It is a financial institution that is involved in serving individual-consumers, small & middle market-businesses, companies and Governments with numerous banking, asset-management, investing and numerous other financial and risk-management products & services, via its banking and different non-banking subsidiaries spread across the United States and global markets,
