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BANK OF AMERICA TO FORM RETAIL AND WHOLESALE DIVISIONS IN ASIA

 SAN FRANCISCO, July 1 /PRNewswire/ -- Bank of America is forming a new organization, based on wholesale and retail banking divisions, to serve its Asia markets more effectively, Vice Chairman David Coulter, head of the bank's United States and International divisions, announced today.
 A new Asia Wholesale Banking Division will be headed by Kai S. Nargolwala, 43, currently senior credit officer for the bank's Asia Division. James E. Hulihan, 50, president and chief executive officer of Hong Kong-based Bank of America (Asia) Ltd., will head the new Asia Retail Banking Division. Both will be Hong Kong-based and report to Coulter.
 "The new structure accounts for the significant growth and diversity in our Asia-Pacific operations," Coulter noted. "With the Security Pacific merger, we added a significant retail banking network in Hong Kong to an already strong wholesale banking business. Our retail businesses in Asia are now expected to contribute between 40 and 50 percent of our regional profitability.
 "The two divisions will share support services and work closely throughout the region, but their dynamics are different, and we believe they'll be more effective in serving Asia by focusing on the products appropriate to each of these customer segments," said Coulter.
 The new organization will be effective Aug. 1, when the current Asia Division head, Group Executive Vice President John V. Rindlaub, assumes new responsibilities as chairman and chief executive officer of the bank's Washington State subsidiary, SeaFirst Bank.
 Reporting to Nargolwala will be Executive Vice President Larry Greenberg, head of Asia Commercial Banking; and Senior Vice Presidents Chris Foley, head of Asia Trading and Capital Markets; Arun Duggal, head of Asia Corporate Finance and Managing Director of BA Asia Limited; and Edward White, head of Asia Global Payment Sales and Service.
 Also reporting to Nargolwala will be three activities supporting both new divisions: Executive Vice President Ray Cherko, head of Asia Operations, and Vice Presidents William Yiu, Asia Finance Manager, and Linda Short, Asia Human Resources Manager.
 Reporting to Hulihan will be Security Pacific Credit, a 12-branch finance company wholly owned by Bank of America; Inchroy Credit Corp., a four-branch joint venture finance company; and Bank of America Preferred Banking, a two-branch consumer banking unit, all based in Hong Kong. Hulihan will continue as president and chief executive of Bank of America (Asia) Ltd., a 22-branch, Hong Kong licensed bank, which is the former Security Pacific Asian Bank Ltd., renamed July 1.
 These businesses comprise more than US$3 billion in assets and 1,200 employees and include branch banking and a significant component of middle market and commercial real estate activities. Hulihan will be responsible for retail product management throughout Asia as it develops.
 Nargolwala has been with Bank of America for 17 years. He joined in London, where he worked for eight years in its London and Birmingham offices, and later served five years in the United States, in New York and San Francisco assignments. He assumed his current Hong Kong responsibilities in 1990.
 Hulihan joined the bank in 1988, working in its California Commercial Banking Division in San Francisco, and transferred to Asia Division two years later as Korea Country Manager. He moved to Hong Kong to manage Asia Division's newly acquired retailed businesses last year. Prior to joining the bank, Hulihan worked in both corporate and commercial banking capacities for 18 years with Wells Fargo, Chemical Bank and Security Pacific.
 -0- 7/1/93
 /CONTACT: Jim Mitchell of Bank of America, 415-622-4314/


CO: Bank of America; Bank of America (Asia) Ltd. ST: California IN: FIN SU:

GT -- SF022 -- 8000 07/01/93 19:21 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
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