Bank of America Names Callero to Head Major New Strategic Technology and Integrated Payments Group.

SAN FRANCISCO--(BUSINESS WIRE)--Dec. 16, 1998--In a move to further leverage its huge payments business and expand its leadership position in the rapidly growing electronic commerce marketplace, Bank of America (NYSE:BAC) today announced that Group Executive Vice President Chris Callero has been named to form and head a new group focused on Strategic Technology and Integrated Payments Services.

Callero and the new group will be responsible for leading Bank of America's payments strategy across organizational lines -- working to deploy strategic technology and develop business partnerships to best align the bank to serve its 32 million customers worldwide. The new group will work to provide customers with emerging access channels and capabilities, including electronic commerce, electronic bill presentment, and financial services aggregation through cable, telecommunications and other Internet providers.

In his new assignment, Callero will report to Ken Lewis, president of Consumer & Commercial Banking and Jim Dixon, president of Technology & Operations.

"Bank of America recognizes the evolution of the whole payments business, and we are moving aggressively to create this new group. Our customers are driving this evolution by increasingly using many convenient methods of payment, including debit cards and online banking, while also showing interest in even more capabilities and access channels, such as electronic bill presentment and Internet commerce. Chris' extensive experience, leadership and execution capabilities, make him particularly well suited to lead our new Strategic Technology and Integrated Payments Services group," said Lewis.

"Bank of America is already a major provider of payments services to both businesses and consumers," said Dixon. "We hold a leadership position in all parts of the payments business -- from check clearing, money transfers, and Automated Clearing House payments to credit and debit cards, online banking bill payments, and merchant services. This new group will build on our expertise and leverage Bank of America's unsurpassed scale to benefit our consumer and business customers globally."

The Strategic Technology and Integrated Payments Services group will be responsible for supporting existing lines of business such as Card Services, Cash Management, Direct Banking and Transaction Services in the evolution of payments. The group also will work closely with Channel Strategies and Development, leading and sponsoring strategic technology investments that enhance the bank's development, distribution and processing of payments-related products and services.

Callero began his career with Bank of America in 1971 as a mailroom clerk on the swing shift. He rapidly advanced through a variety of operations management responsibilities and in 1983 was named to form and lead the Item Processing Operation for Southern California in Los Angeles.

In 1992, Callero was named Executive Vice President and head of the Consumer Lending Division, and two years later he formed and led the National Consumer Assets Group -- responsible for the financing of homes, home equity, and automobiles for customers through branches, loan-by-phone, direct marketing and automobile dealerships. He was appointed Group Executive Vice President in 1994, and three years later was given expanded national responsibilities as the Group Head for Deposit and Payment Services, including Interactive Banking, ATMs/Debit Cards, Deposit Products, Investment Services, Insurance Services, Small Business and Liability Risk Management.

Since the announcement of the merger of Bank of America and NationsBank, Callero has spearheaded the transition for Consumer & Commercial Banking.

Bank of America is a leader in all aspects of the payments business. Advanced technology and accuracy standards help ensure the smooth processing of 37 million checks each day for customers. More than 1 million of the bank's customers bank online via the Internet, America Online, or personal financial management software. The bank has more than 22 million credit card and nearly 11 million debit card accounts. Two out of three large U.S. corporations use Bank of America cash management services.

Bank of America, with $595 billion in total assets, is the largest bank in the United States, with full-service consumer and commercial operations in 22 states and the District of Columbia. Bank of America provides financial products and services to 30 million households and 2 million businesses, as well as international corporate financial services for business transactions in 190 countries. Bank of America stock (ticker: BAC) is listed on the New York, Pacific and London stock exchanges and certain shares are listed on the Tokyo Stock Exchange. For more information, please visit www.bankamerica.com and www.nationsbank.com.