Bank of America is one of the largest financial service companies in the world. It is the second largest bank in terms of market capitalization. Furthermore, it is the fifth largest company in the United States by total revenue, as well as the second largest non-oil company in the U.S. (after Wal-Mart). In 2010, Bank of America was listed as the 3rd 'best' large company in the world by Forbes. Bank of America has become a major player in the investment banking industry and is one amongst the Big Four banks of US, after Citigroup, JP Morgan Chase and Wells Fargo. Apart from serving large corporations, Bank of America also serves individual consumers, small and middle market businesses, offering a full range of banking, investing, asset management and other financial products and services. Bank of America serves clients in 175 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Global Fortune 500. The company is a member of the Federal Deposit Insurance Corporation (FDIC) and a component of both the S&P 500 Index and the Dow Jones Industrial Average. Additionally,
Bank of America has approximately 57 million consumer and small business relationships at 5,900 banking centers and 18,000 ATMs. Majority of bank's services to corporate and institutional clients are provided through its U.S. and UK subsidiaries, Banc of America Securities LLC and Banc of America Securities Limited. The company's one of the main divisions, Global Corporate and Investment Banking group (GCIB) focuses on companies with annual revenues of more than $2.5 million, which are prominently middle-market and large corporations; institutional investors; financial institutions; and government entities. It also provides several innovative services in M&A, equity and debt capital raising, lending, trading, risk management, treasury management and research.
Presence in India
Witnessing the immense potential of Indian market, Bank of America started its commencement of operations in India through its Mumbai branch in 1964. Its headquarters is situated in Mumbai and has five branches across the country in Mumbai, Delhi, Kolkata, Chennai and Bangalore. Apart from these major branches, operations of the bank are constantly expanding to cover the entire nation with active support coming from its Indian subsidiaries. Bank of America is strongly making its presence felt in cities like Hyderabad and Gurgaon. Bank's progress is attributed to the growth plans for Development Centers, ATM network, outsourcing units and BPO establishments along with new recruitment plans. Bank of America provides a number of financial products and solutions to top Indian corporate, multinationals, multilateral agencies & foreign government entities and financial institutions.
Products and Services
Bank of America has offered a large number of new investments and outsourcing plans in its locations in India. Drawn to tap the huge manpower of India, several business processes such as back office operations, IT and many other banking activities are being outsourced to India. Hyderabad was the first city where Bank of America India operations were initiated and the BPO operations of the bank were further extended to Mumbai. Currently, the BPO operations of Bank of America are mainly operated by the Gurgaon branch office. Gurgaon branch is also responsible for controlling business activities such as collection of credit cards, commercial, retail banking and transaction processing.
Bank of America's Global Delivery Center is credited to the several activities related to outsourcing. The Global Delivery Center has many divisions like The Continuum Solutions. Not only several office operations of the bank are outsourced to Indian subsidiary, but the bank has also extended many software development projects to the IT companies in India. Another Indian subsidiary of the bank, Bank of America Securities Pvt. Ltd is responsible for operating various activities relating to capital market and fixed income. These non-bank subsidiaries of Bank of America in India are known as BA Continuum and offer variety of solutions in areas like Business Processing, Knowledge Services and Information Technology.
Bank of America
Ground, First & Sixteenth Floor
Mumbai - 400021