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Bank of America said that it will have the largest wealth management business in the world with approximately 20,000 financial advisors and more than $2 trillion in client assets. Global investment management capabilities will include approximately 50% ownership in BlackRock.
According to Bank of America, the combination also adds strengths in debt and equity underwriting, sales and trading, and merger and acquisition advice, creating significant opportunities to deepen relationships with corporate and institutional clients around the globe.
Under the terms of the agreement, shareholders of Merrill Lynch received 0.86 shares of Bank of America common stock for each common share of Merrill Lynch.
Ken Lewis, chairman and CEO of Bank of America, said: "We created this new organization because we believe that wealth management and corporate and investment banking represent significant growth opportunities, especially when combined with our leading capabilities in consumer and commercial banking. We are now uniquely positioned to win market share and expand our leadership position in markets around the world."
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