Bancomer $500 Million US Commercial Paper Program Arranged by Bank of America.MEXICO CITY--(BUSINESS WIRE)--Nov. 13, 1996--Bank of America and Bancomer today announced the renewal of Bancomer's one-year US Commercial Paper program at $500 million. Initially set for $300 million, the program was "vastly oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. " and increased by $200 million, according to Vice President Luis Montiel Estrada, head of Bank of America's Financial Institutions Group in Mexico. The program received investment grade ratings of A1 + and P1 respectively from Standard & Poor's and Moody's Investors Services. According to Mario Laborin Gomez, Bancomer deputy general director for Specialized Banking, the program will allow Bancomer to continue diversifying its sources of funding at more competitive costs. This will permit the bank to provide additional support to its customers' working capital needs and to contribute to the development of Mexico's industrial base. Mr. Laborin added that the success of the transaction confirms the "close and positive" relationship of Bancomer with the most important institutions in the international financial community. Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. has banked Bancomer for 46 years and is arranger and administrative agent on the transaction. The commercial paper will be supported by a letter of credit issued by Bank of Montreal “BMO” redirects here. For the mathematics competition, see British Mathematical Olympiad. Bank of Montreal/Banque de Montréal (TSX: BMO, NYSE: BMO) is Canada's fourth largest bank[1], and is classified as a Domestic Chartered Bank (Schedule I). . BA Securities, BankAmerica's securities subsidiary, Merrill Lynch Money Markets Inc. and Chase Securities Inc. will be co-dealers for the commercial paper, which will be issued this month. BA Securities' New York-based Latin America Corporate Finance Team structured and syndicated the transaction among 34 international banks from 13 countries, the largest number of banks ever to participate in a single program. Participants are: Bank of America, Bladex, Bank of Montreal, Standard Chartered, Union Bank of Switzerland, Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. , Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. , Midland Bank, Barclays Bank, Banco Central Hispano, Australia New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. Bank, Banque Paribas, Bayerische Landesbank, Bayerische Vereinsbank, National Westminster, Toronto Dominion, Banque Francaise de Commerce Exterieur, Comerica, Arab Banking Group, BHF-Bank, Societe Generale, NationsBank of Texas, Bank of Tokyo-Mitsubishi, Canadian Imperial Bank of Commerce The Canadian Imperial Bank of Commerce TSX: CM NYSE: CM, better known to most customers as CIBC, is one of Canada's major banks. CIBC is classified as a Domestic Chartered Bank (Schedule I). , Deutsche Sudamerikanische, Sumitomo Bank, Wachovia Bank of Georgia The Wachovia Bank of Georgia building is a 44-story, 566 foot (172.5 m) skyscraper located in downtown Atlanta, Georgia. Built in 1966, the building was the headquarters of the First National Bank of Atlanta (now part of Wachovia) and was the tallest building in the Southeast at , ABN Amro Bank NV, Bank Austria, Banque National de Paris, Key Bank, Landesbank Rheinland-Pfalz, Raiffeisen Zentralbank Oesterreich AG and West Landesbank. James McCabe, senior vice-president and Mexico country manager for Bank of America said, "the overwhelming success of the program confirms Bancomer's leadership position in the Mexican banking industry. The record-breaking number of participants likewise attests to the confidence that the financial community has in Bancomer's management and prospects for the future." CONTACT: Bank of America Jim Mitchell, 415/622-4314 |
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