Finance

Corporate Bank of America – Amazing Facts

The Corporate bank of America is easily the largest in the United States. The Bank has one of the largest portfolios owned by any bank in the United States. Formed in 21998 after the nation’s Bank acquisition. Since the acquisition, the bank has grown in leaps and bounds, that is one of the reasons why the Bank has raised a lot of interest from both businesses and individuals. In this article, we are going to be looking at some random facts about this mammoth bank.

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Corporate Bank of America Facts

Corporate Bank of America was the Bank of Italy

During its formative years the Corporate Bank of America was called the Bank of Italy., yes it is true. The Bank was founded in 1904 by Amadeo Peter Gianni. The bank was then based in San Francisco. After a few changes to the hierarchy and administrative decisions, the bank was later named the Bank of America. After the name change, the ownership of the bank did not change. It was owned by Transamerica Corporation, a company owned by Amadeo Peter Gianni. The bank was one of the first developing banks, releasing their first credit card in 1958, the card was called the Bank AmeriCard

Corporate Bank of America Has of 5500 Branches

The bank is huge and over the years they have managed to acquire several banks. By the mid-2000s the bank had expanded into New England and they had a total of 5500 banks. This was the largest number of banks owned by a single entity at the time. This move made the company the epitome of financial value. This was quite visible in the value of the Corporate Bank of America shares. The stock prices of the bank have been quite high and consistent.

Corporate Bank of America is PaceSetter in Bank Tech

There has been a major shift in the Banking Industry most processes have become autonomous and web-based. The Corporate Bank of America has taken a huge initiative to make sure that they are always at the top when it comes to merging technologies in the banking sector. The Bank has launched more than 8500 ATMs that are card-less enabled. These ATMs are futuristic, you can use them without an ATM card.

This has been quite useful in recent times. The Bank has over 22 million people using the online banking platform. This has been important especially during the pandemic. The fact that it is easy to register for the mobile banking service has been the main reason why the number of users have surged.

These exploits are some of the reasons why the Corporate Bank of America got the pole position in terms of online banking and mobile banking functionality in 2016. The Bank seems to be continuing on the online banking trajectory. This has also been pushed further by the pandemic.

Corporate Bank of America has the Biggest Retail Deposit Market Share

The Bank of America has consistently witnessed growth in its retail deposit base. The bank in 2007 had a total of $635.6 billion in consumer banking deposits. This was a very higher number at the time and it put the Corporate Bank of America in pole position in terms of the retail deposit in market share. The high numbers have also had a huge impact on consumer confidence. Based on this we can predict that deposits will continue to increase.

The Corporate Bank of America has managed to make a huge impact on the financial space and things look like they will continue in the same trajectory.