BankAmerica Corporation opens new offices in Mexico, marks 45 years of business in the country.MEXICO CITY--(BUSINESS WIRE)--May 16, 1995--BankAmerica Corporation today celebrates the opening of its newest offices here, 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. Mexico, S.A., and Arrendadora BankAmerica, S.A. BankAmerica has conducted business in Mexico for 45 years. BankAmerica Vice Chairman David A. Coulter, head of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Corporate and International groups, said, "BankAmerica's investment and expansion here demonstrate our company's commitment to the Mexican markets in very tangible terms." The new subsidiaries are complemented by BankAmerica's existing representative offices in Mexico City and Monterrey, each of which serves a business client base, including financial institutions and large Mexican and multinational corporations. Bank of America Mexico, a corporate banking subsidiary, provides commercial banking and capital markets services in Mexican new pesos and U.S. dollars. It will expand BankAmerica's roster of local clientele and product range, including securities and foreign exchange trading Foreign Exchange Trading or FX Trading, clients are able to hedge against, or speculate upon, changes in the exchange rate of two currencies. For example, a speculator can long EUR/USD in foreign exchange market in order to profit from capturing the appreciation of Euro against the activities, and also serve as a clearing bank in the peso futures market futures market, a commodity exchange where contracts for the future delivery of grain, livestock, and precious metals are bought and sold. Speculation in futures serves to protect both the developers and the users of the commodities from unfavorable and unpredictable of the Chicago Mercantile Exchange Chicago Mercantile Exchange (CME) Chicago Mercantile Exchange (CME) is the largest futures exchange in the United States and the second largest exchange in the world for the trading of futures and options on futures. . Bank of America Mexico is headed by President James McCabe, who has managed BankAmerica's Mexico businesses since March 1994. Arrendadora BankAmerica provides leasing and capital equipment financing services. BankAmerica enters the Mexican market with longtime global expertise in the equipment financing business. It is headed by Director General Federico Gonz lez lez or lez·zie n. pl. lez·zes or lez·zies Offensive Slang Used as a disparaging term for a lesbian. [Shortening and alteration of lesbian.] , who for nine years headed the Mexico representative office of Continental Bank, which BankAmerica acquired in 1994. Group Executive Vice President Barbara Z. Otto, head of the Latin America and Canada Group, said, "This is an historic day for BankAmerica. We are very pleased with the opportunities presented by NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's and the opening of the Mexican financial markets. Because of our expertise and nearly half a century of experience in this country, we are confident in our ability to serve our customers more comprehensively as a Mexican bank." Approvals to open these subsidiaries were received from the Mexican government in January and April, respectively. Celebratory events with customers, employees, and dignitaries are occurring in Mexico City throughout the day. CONTACT: Bank of America Sharon Tucker, 525/591-0011 |
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