Bank of America announces new $2 billion round of funding
- by admin
Bank of American (BAC) has announced its second round of new financing to accelerate the company’s expansion into the global financial industry.
The investment will go to BAC Capital, which is a private investment firm based in Austin, Texas.
The company, founded in 1997, is headquartered in Atlanta.
The new fund will be used to expand BAC’s offerings and expand its services.
“We are pleased to partner with BAC to accelerate our growth,” said John Bailor, chief executive officer of BAC.
“We have worked for some time to address our business and we are now ready to deliver on our strategic objectives.”BAC will invest $500 million in BAC Securities, a fund with an investment objective of $5 billion.
BAC is also expanding its footprint in China and Europe, as well as investing in emerging markets.BAC is the first bank in the US to enter the financial industry, which has been booming since the financial crisis.
Bailors have grown into the largest banks in the country, with a combined $3.6 trillion in assets.
They are the only large bank that has never faced a government bailout.
Bailors’ expansion into China has been a major priority for Bailers and its CEO.
In January, Bailurs’ board approved the expansion of a $50 billion credit line with China’s largest lender, Beijing National Petroleum Corp. (BNPCC), to expand into the Chinese economy.
The bank also will invest in a $150 billion line with a Chinese state-owned oil company, PetroChina, to expand its China operations.
Bank of American (BAC) has announced its second round of new financing to accelerate the company’s expansion into the global…
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