|
Report Date : |
30.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
BANK OF |
|
|
|
|
Representative Office : |
Express Towers, Nariman Point, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
06.04.1964 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.9853.492 Millions |
|
|
|
|
FCRN No.: |
F00689 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB08227C |
|
|
|
|
Legal Form : |
Foreign Bank |
|
|
|
|
Line of Business
: |
Subject engaged in Treasury and Corporate Banking. |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 160000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exits |
|
|
|
|
Comments : |
Subject is an old and world largest financial institution. Providing
services to small and middle market business and large corporate a banking
service. It is a well established bank having good track. Financially bank
appears to be strong. Trade relations are reported to be trust worthy.
Business is active. Payments are reported to be regular and as per
commitments. The bank can be considered for normal business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
LONG TERM RATING : FITCH A |
|
Rating Explanation |
Having strong credit risk. However, changes in circumstances or
economic condition may affect the capacity for timely repayment on these financial
commitments. |
|
Date |
September, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
(91-22-66323000 / 22852882)
LOCATIONS
|
Registered Office : |
Located at United State of America |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
|
|
|
Representative Office : |
Express Towers, Nariman Point, P. O. Box 11506, Mumbai – 400021,
Maharashtra, India |
|
Tel. No.: |
91-22-66323000 / 22852882 |
|
E-Mail : |
MANAGEMENT
As on 31.03.2012
|
Name : |
Mr. Kaku Nakhate |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. Kumar Shah |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Not Available
BUSINESS DETAILS
|
Line of Business : |
Subject engaged in Treasury and Corporate Banking. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
Reserve Bank of India |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
|
|
|
Ultimate Controlling
Enterprise : |
· Bank of America Corporation |
|
|
|
|
Subsidiaries : |
·
Banc
of America Securities (India) Private Limited (BASIL) ·
Bank
of America Singapore Limited · Banc of America Securities Asia Limited |
|
|
|
|
Fellow Subsidiaries : |
·
BA
Continuum India Private Limited (BA Continuum Private Limited has been merged
with BA Continuum India Private Limited w.e.f. February 8, 2012, the
appointed date of merger being April 1, 2009) ·
DSP
Merrill Lynch Limited · DSP Merrill Lynch Capital Limited |
CAPITAL STRUCTURE
As on 31.03.2012
CAPITAL
|
|
Particulars |
31.03.2012 Rs. In Millions |
|
|
|
|
|
I |
Amount
of deposit kept with Reserve Bank of India under Section 11(2)(b)(ii) of the Banking
Regulation Act, 1949 |
8030.000 |
|
|
|
|
|
II |
Amount brought in as start-up capital |
2.000 |
|
|
Tier
I Capital augmented by Head Office |
9851.492 |
|
|
TOTAL |
9853.492 |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
(INDIA
BRANCH)
|
CAPITAL AND LIABILITIES |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Capital |
9853.492 |
9853.492 |
9853.492 |
|
Reserves and Surplus |
30612.753 |
25358.165 |
21131.811 |
|
Deposits |
59648.638 |
59689.055 |
54903.262 |
|
Borrowings |
53143.704 |
19402.077 |
43689.775 |
|
Other Liabilities and Provisions |
8520.327 |
7619.785 |
5230.665 |
|
|
|
|
|
|
TOTAL |
161778.914 |
121922.574 |
134809.005 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and balances with Reserve Bank of India |
4196.962 |
5148.245 |
8184.524 |
|
Balances with banks and money at call and short notice |
2424.095 |
219.662 |
81.053 |
|
Investments |
82258.155 |
48605.942 |
83828.602 |
|
Advances |
62053.674 |
58591.405 |
36311.567 |
|
Fixed Assets |
422.786 |
310.970 |
253.669 |
|
Other Assets |
10423.242 |
8974.350 |
6149.590 |
|
|
|
|
|
|
TOTAL |
161778.914 |
121850.574 |
134809.005 |
PROFIT & LOSS
ACCOUNT
(INDIA
BRANCH)
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
INCOME |
|
|
|
|
|
Interest earned |
11131.212 |
7252.873 |
5686.156 |
|
|
Other income |
5078.777 |
5809.858 |
4928.582 |
|
|
TOTAL |
16209.989 |
13062.731 |
10614.738 |
|
|
|
|
|
|
|
|
EXPENDITURE |
|
|
|
|
|
Interest expended |
4238.846 |
1975.332 |
1859.925 |
|
|
Operating expenses |
4054.998 |
3585.313 |
2438.598 |
|
|
Provisions and Contingencies |
2661.557 |
3275.732 |
2811.718 |
|
|
TOTAL |
10955.401 |
8836.377 |
7110.241 |
|
|
|
|
|
|
|
|
PROFIT |
|
|
|
|
|
Net profit for the year |
5254.588 |
4226.354 |
3504.497 |
|
|
Profit/(loss) brought forward |
0.000 |
0.000 |
1818.800 |
|
|
TOTAL |
5254.588 |
4226.354 |
5323.297 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Transfer to Statutory Reserves Amount retained in India for meeting Capital to Risk-weighted Asset ratio |
1313.647 |
1056.589 |
876.124 |
|
|
(CRAR) |
0.000 |
0.000 |
1818.800 |
|
|
Transfer to Revenue and Other Reserves |
0.000 |
3169.765 |
2628.373 |
|
|
Balance carried over to Balance Sheet |
3940.941 |
0.000 |
0.000 |
|
|
TOTAL |
5254.588 |
4226.354 |
5323.297 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
|
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
BANK OF AMERICA,
N.A VS RAUSCHNOT
NOTICE OF MORTGAGE
FORECLOSURE SALE
OTICE OF MORTGAGE FORECLOSURE SALE
THE RIGHT TO VERIFICATION OF THE DEBT AND IDENTITY OF THE ORIGINAL CREDITOR
WITHIN THE TIME PROVIDED BY LAW IS NOT AFFECTED BY THIS ACTION.
NOTICE IS HEREBY GIVEN, that default has occurred in the conditions of
the following described mortgage:
DATE OF MORTGAGE: July 14, 2009
ORIGINAL PRINCIPAL AMOUNT OF MORTGAGE: $226,809.00
MORTGAGOR(S): Karen Rauschnot, unmarried
MORTGAGEE: Bank of America, N.A.
LENDER OR BROKER AND MORTGAGE ORIGINATOR STATED ON THE MORTGAGE: Bank of
America, N.A.
SERVICER: Bank of America, N.A.
DATE AND PLACE OF FILING: Filed August 5, 2009, Dakota County Recorder,
as Document Number 2676229
LEGAL DESCRIPTION OF PROPERTY:
Lot Two (2), Block One (1), Dhaene Addition
PROPERTY ADDRESS: 2750 E 70Th St, Inver Grove Heights, MN 55076
PROPERTY IDENTIFICATION NUMBER: 20-21050-01-020
COUNTY IN WHICH PROPERTY IS LOCATED: Dakota
THE AMOUNT CLAIMED TO BE DUE ON THE MORTGAGE ON THE DATE OF THE NOTICE:
$263,532.58
THAT all pre-foreclosure requirements have been complied with; that no
action or proceeding has been instituted at law or otherwise to recover the
debt secured by said mortgage, or any part thereof;
PURSUANT, to the power of sale contained in said mortgage, the above
described property will be sold by the Sheriff of said county as follows:
DATE AND TIME OF SALE: November 15, 2012, 10:00am
PLACE OF SALE: Sheriff's Main Office, Dakota County Law Enforcement
Center, 1580 Hwy 55, Lobby S-100, Hastings, MN 55033
to pay the debt secured by said mortgage and taxes, if any, on said
premises and the costs and disbursements, including attorneys fees allowed by
law, subject to redemption within 6 months from the date of said sale by the
mortgagor(s) the personal representatives or assigns.
TIME AND DATE TO VACATE PROPERTY: If the real estate is an owner-occupied,
single-family dwelling, unless otherwise provided by law, the date on or before
which the mortgagor(s) must vacate the property, if the mortgage is not
reinstated under section 580.30 or the property is not redeemed under section
580.23, is 11:59 p.m. on May 15, 2013.
"THE TIME ALLOWED BY LAW FOR REDEMPTION BY THE MORTGAGOR, THE
MORTGAGOR'S PERSONAL REPRESENTATIVES OR ASSIGNS, MAY BE REDUCED TO FIVE WEEKS
IF A JUDICIAL ORDER IS ENTERED UNDER MINNESOTA STATUTES SECTION 582.032 DETERMINING,
AMONG OTHER THINGS, THAT THE MORTGAGED PREMISES ARE IMPROVED WITH A RESIDENTIAL
DWELLING OF LESS THAN 5 UNITS, ARE NOT PROPERTY USED FOR AGRICULTURAL
PRODUCTION, AND ARE ABANDONED.
Dated: September 21, 2012
BANK OF AMERICA, N.A.
Mortgagee
SHAPIRO AND ZIELKE, LLP
Lawrence P. Zielke - 152559
Diane F. Mach - 273788
Melissa L. B. Porter - 0337778
Ronald W. Spencer - 0104061
Stephanie O. Nelson - 0388918
Randolph W. Dawdy - 2160X
Gary J. Evers - 0134764
Attorneys for Mortgagee
12550 West Frontage Road, Ste. 200
Burnsville, MN 55337
(952) 831-4060
PURSUANT TO THE FAIR DEBT COLLECTION PRACTICES ACT, YOU ARE ADVISED THAT
THIS OFFICE IS DEEMED TO BE A DEBT COLLECTOR. ANY INFORMATION OBTAINED WILL BE USED
FOR THAT PURPOSE. THIS NOTICE IS REQUIRED BY THE PROVISIONS OF THE FAIR DEBT
COLLECTION PRACTICES ACT AND DOES NOT IMPLY THAT WE ARE ATTEMPTING TO COLLECT
MONEY FROM ANYONE WHO HAS DISCHARGED THE DEBT UNDER THE BANKRUPTCY LAWS OF THE
UNITED STATES.
ARNETT V. BANK OF
AMERICA
Case Number: 11-cv-1372
Practice Areas: Consumer
Protection, Insurance and Financial Products and Services
Case Status: Pending
Court: United States
District Court for the District of Oregon
Berger and Montague filed a class action complaint in the United States
District Court for the District of Oregon alleging that Bank of America
requires certain borrowers to purchase flood insurance in excess of what their
mortgage contract and federal law requires.
On July 11, 2012, Judge Michael Simon denied Bank of America's Motion
for Judgment on the Pleadings with respect to the breach of contract and
conversion claims. A copy of the Order
is available here. The case is currently
in discovery.
When a lender originates or services a home equity or mortgage loan for
customers who pledge their home or condominium unit located in a "Special
Flood Hazard Area" as collateral, federal law requires proof of adequate
flood insurance as a condition of obtaining the loan.
Subsequent to closing, Bank of America sends some customers form notices
informing them that their flood insurance is inadequate under federal law
and/or the mortgage contract. Bank of America requires that these customers
purchase flood insurance that exceeds the bank's security interest in the home
or, alternatively, exceeds the replacement cost of the home. Bank of America
misrepresents that the flood insurance requirement is in line with federal laws
for homeowners in "Special Flood Hazard Areas." Bank of America then
continues to send a series of letters asking for more information and
explaining Bank of America's intention to force-place flood insurance.
Ultimately, Bank of America purchases the flood insurance policy at a
high premium and assesses the premium costs on the homeowner. The cost of the
policy is either deducted from the home equity account or added to the mortgage
balance. As a result, the customers have no choice but to pay the premiums.
If you obtained a home equity loan or mortgage from Bank of America and
were forced to buy flood insurance by Bank of America even though you were
covered by an adequate flood insurance policy, you may be entitled to financial
compensation.
BACKGROUND
The
financial statements for the year ended March 31, 2012 comprise the accounts of
the India branches of subject which is incorporated in the United States of
America with limited liability.
CONTINENT
LIABILITY:
(Rs.
In Millions)
|
PARTICULARS
|
31.03.2012 |
31.03.2011 |
|
|
|
|
|
Claims against the Bank not acknowledged as Debts (including tax related matters) |
458.116 |
636.881 |
|
Liability for partly paid investments |
0.000 |
0.000 |
|
Liability on account of outstanding forward exchange contracts |
2123994.203 |
1142576.943 |
|
Liability on account of outstanding derivative contracts |
3304274.652 |
3843170.511 |
|
Guarantees
given on behalf of constituents (a)
in India (b) outside India |
10286.182 3153.301 |
10719.377 2453.699 |
|
Acceptances, endorsements and other obligations |
9533.517 |
8689.057 |
|
Other
items for which the Bank is contingently liable |
|
|
|
–
Committed Lines of credit |
7968.633 |
7682.767 |
|
– Bills
re-discounted |
3695.563 |
0.000 |
WEBSITE DETAILS:
HISTORY
Subject is incorporated in the USA, and operates through its branches in India. It commenced operations in India through its Mumbai branch in 1964. Bank of America offers a comprehensive suite of financial products and solutions to top Indian Corporates, Multinationals, Multilateral agencies and Foreign Government entities and Financial Institutions.
The bank has its India headquarters in Mumbai, with five branch offices across Mumbai, New Delhi, Kolkata, Chennai, and Bangaluru. With an India presence for nearly five decades, Bank of America is committed to its clients in India and has a well established track record and market expertise in Indian financial markets.
The bank has carved a niche for itself as a leading global financial firm, one which delivers insightful solutions to clients combined with an extended global reach and a strong emphasis on building long term relationships. The bank's India-based coverage specialists and product professionals work together to leverage Bank of America's global strength to meet clients' comprehensive needs including working capital needs, treasury management, trade finance and solutions, capital raising, risk management, forex and fixed income.
The global merger of Merrill Lynch with a subsidiary of Bank of America Corporation additionally brings to our clients an enhanced product suite of services through DSP Merrill Lynch, a pre-eminent investment banking, securities and wealth management services' firm. The group brings a unique blend of global reach and local expertise sharing over 100 years of combined India experience. DSP Merrill Lynch is an affiliate of Merrill Lynch and Co., a subsidiary of Bank of America Corporation
PRESS RELEASE:
BANK OF AMERICA DECLARES QUARTERLY DIVIDENDS
CHARLOTTE, N.C. OCTOBER, 24 2012
Bank of
America Corporation today announced the Board of Directors declared a regular
quarterly cash dividend on Bank of America common stock of $0.01 per share,
payable on December 28, 2012 to shareholders of record as of December 7, 2012.
The board also declared a regular quarterly
cash dividend of $1.75 per share on the 7 percent Cumulative Redeemable
Preferred Stock, Series B. The dividend is payable on January 25, 2013 to
shareholders of record as of January 11, 2013.
Bank of America
Bank of America is one of the world's largest
financial institutions, serving individual consumers, small- and middle-market
businesses and large corporations with a full range of banking, investing,
asset management and other financial and risk management products and services.
The company provides unmatched convenience in the United States, serving more
than 55 million consumer and small business relationships with approximately
5,500 retail banking offices and approximately 16,300 ATMs and award-winning
online banking with 30 million active users. Bank of America is among the
world's leading wealth management companies and is a global leader in corporate
and investment banking and trading across a broad range of asset classes,
serving corporations, governments, institutions and individuals around the
world. Bank of America offers industry-leading support to more than 3 million
small business owners through a suite of innovative, easy-to-use online
products and services. The company serves clients through operations in more
than 40 countries. Bank of America Corporation stock (BAC) is a component of
the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
BANK OF AMERICA SUED FOR $1BN FOR ALLEGED MORTGAGE FRAUD
BANK OF AMERICA IS BEING SUED FOR $1BN (£624M) FOR ALLEGED MORTGAGE
FRAUD.
24 OCTOBER 2012
The civil lawsuit has been brought by the US
Attorney Preet Bharara, the top federal prosecutor in Manhattan, New York.
He accuses Countrywide Financial, which Bank
of America bought in 2008, of selling thousands of toxic home loans to Fannie
Mae and Freddie Mac.
Fannie Mae and Freddie Mac are government
agencies that support the US mortgage market.
Bank of America has yet to comment.
Countrywide is accused of running a trading
scheme from 2007 to 2009 that was deliberately designed to process loans at
high speed without checks on their quality.
Mr Bharara said: "This lawsuit should
send another clear message that reckless lending practices will not be
tolerated."
He added that Countrywide's practices were
"spectacularly brazen in scope."
Similar cases
The legal action against Bank of America
follows similar moves by the US government earlier this month against Wells
Fargo and JP Morgan Chase.
On 2 October, JP Morgan was sued for allegedly
defrauding investors who lost more than $20bn on mortgage-backed securities
sold by Bear Stearns.
JP Morgan, which bought the investment bank in
March 2008, said the allegations related to actions at Bear Stearns prior to
its takeover.
Meanwhile, on 10 October, Wells Fargo was also
sued by federal authorities for alleged mortgage fraud.
The US government alleges that Wells Fargo
lied about the quality of mortgages it handled, leading to huge losses for the
Federal Housing Administration.
Wells Fargo has denied the allegations.
BANK OF AMERICA TO PAY $2.43 BILLION TO END LAWSUIT OVER MERRILL LYNCH
SEPTEMBER 15, 2011
NEW YORK -- Bank of America (BAC) says it has
agreed to pay $2.43 billion to settle a class-action lawsuit related to its
acquisition of Merrill Lynch.
The lawsuit was filed on behalf of investors
that bought or held Bank of America stock when the company announced its plans
to buy Merrill Lynch as the banking industry and federal government struggled
to contain fallout from the financial crisis in the fall of 2008.
Among the plaintiffs allegations was that Bank
of America and some of its officers made false or misleading statements about
both companies' financial health.
In announcing the proposed settlement on
Friday, Bank of America denied the allegations and says it agreed to the
settlement to get rid of the uncertainties, burden and costs related to the
lawsuit.
"As we work to put these long-standing
issues behind us, our primary focus is on the future and serving our customers
and clients," Bank of America CEO Brian Moynihan said in a statement.
The settlement still needs court approval and
will be reviewed by Judge Kevin Castel in the United States District Court for
the Southern District of New York.
As part of the settlement, the bank has also
agreed to adopt several corporate governance policies until Jan. 1, 2015. These
policies include those related to majority voting in board member elections,
annual disclosure of noncompliance with stock ownership guidelines, policies
for a board committee regarding future acquisitions, the independence of the
board's compensation committee and its compensation consultants and conducting
an annual "say-on-pay" vote by shareholders.
The bank said Friday that it will pay for the
settlement with existing litigation reserves and about $1.6 billion in
litigation expense that will be recorded in its third quarter. The company
cautioned that this expense, coupled with some other charges, is expected to
lower its third-quarter earnings by about 28 cents per share.
Bank of America will report its third-quarter
financial results on Oct. 17.
Shares of Bank of America Corp. fell 7 cents
to $8.90 in premarket trading Friday.
BANK OF AMERICA MERRILL LYNCH EXPANDS COMMERCIAL CARD CAPABILITIES
ADDS ARGENTINA, CZECH REPUBLIC, FINLAND, POLAND AND SCANDINAVIA;
LAUNCHES SEPA DIRECT DEBIT
JULY 26, 2012
Bank of
America Merrill Lynch, a leading provider of transaction services, today
announced that its card solutions are now available in Argentina, the Czech
Republic, Finland and Poland, as well as the Scandinavian countries of Denmark,
Norway and Sweden. In addition, the company announced plans to make available
Single Euro Payments Area (SEPA) Direct Debits.
The addition of the seven countries reaffirms
the company’s position as a leading provider of card solutions to large and
middle-market companies and government entities around the world. By the end of
2012, BofA Merrill’s global card offering will be available in more than 70
countries*.
Under SEPA, the eurozonewide payment program
initiative, all existing, country-specific local payment instruments will be
replaced by 2014. Through investment in SEPA Direct Debits technology, BofA
Merrill will enable commercial card clients to benefit from the operational
simplification and cost savings created by the harmonization of multiple
instruments and reduced number of paper mandates that need to be managed for
cardholders.
“As more companies seek growth
internationally, they are realizing the inherent advantages – such as
transparency and risk controls – that card programs bring to managing
cross-border payments,” said Kevin Phalen, head of Global Card and
Comprehensive Payables at BofA Merrill. “Our new country capabilities
underscore the company’s commitment to provide global card solutions for its
clients. We are continually investing in our programs to ensure our products
directly match the needs of our clients.”
“SEPA Direct Debits is another example of our
continued investment in our Commercial Card capabilities,” said Duncan Kennett,
director, EMEA Commercial Card at BofA Merrill. “We took the step of investing
in this technology as early as possible so that we could help our clients get a
head start in the SEPA conversion process. The early adoption will help them
avoid future disruptions and more quickly realize the benefits of SEPA.”
BofA Merrill’s Commercial Card and
Comprehensive Payables group, which is part of the Global Transaction Services
business, develops strategies and solutions that are closely aligned to the
treasury goals of corporate, commercial and government entities.
Added Phalen: “Investment in our own
capabilities has facilitated seamless interaction between our Card specialists
and our treasury and cash management advisors. We believe this combined
proposition which integrates the expertise of both business areas makes us well
positioned to advise our clients and offer tailored products that address the
specific working capital needs facing companies and government agencies.“
* Some of Bank of America Merrill Lynch’s
solutions, including those offered in Argentina, are offered through local
issuing banks.
About Bank of America Merrill Lynch Commercial Card
Bank of America Merrill Lynch is a leading
provider of card solutions to large and middle market companies, globally, and
to federal, state and local government entities in the United States. BofA
Merrill’s Commercial Card group works with these organizations to design integrated
ePayments solutions that help unlock working capital while increasing
efficiency, visibility and control.
As part of the Global Treasury Solutions
business, BofA Merrill’s Commercial Card and Comprehensive Payables group develops
strategies and solutions that are closely aligned to the treasury goals of
corporate, commercial and government entities.
BofA Merrill cardholders can be served in
numerous languages and have access to a worldwide network of more than 32
million credit card merchants and ATMs.
In 2011, the bank added new card solutions in
18 countries, and by the end of 2012, it plans to offer card solutions in more
than 70 countries and 29 currencies.
Bank of America
Bank of America is one of the world's largest
financial institutions, serving individual consumers, small- and middle-market
businesses and large corporations with a full range of banking, investing,
asset management and other financial and risk management products and services.
The company provides unmatched convenience in the United States, serving
approximately 56 million consumer and small business relationships with
approximately 5,600 retail banking offices and approximately 16,200 ATMs and
award-winning online banking with 30 million active users. Bank of America is
among the world's leading wealth management companies and is a global leader in
corporate and investment banking and trading across a broad range of asset
classes, serving corporations, governments, institutions and individuals around
the world. Bank of America offers industry-leading support to approximately 4
million small business owners through a suite of innovative, easy-to-use online
products and services. The company serves clients through operations in more
than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component
of the Dow Jones Industrial Average and is listed on the New York Stock
Exchange.
Bank of America Merrill Lynch is the marketing
name for the global banking and global markets businesses of Bank of America
Corporation. Lending, derivatives, and other commercial banking activities are
performed globally by banking affiliates of Bank of America Corporation,
including Bank of America, N.A., member FDIC. Securities, strategic advisory,
and other investment banking activities are performed globally by investment
banking affiliates of Bank of America Corporation (“Investment Banking
Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner
and Smith Incorporated, which is a registered broker-dealer and a member of
FINRA and SIPC, and, in other jurisdictions, locally registered entities.
Investment products offered by Investment Banking Affiliates: Are Not FDIC
Insured * May Lose Value * Are Not Bank Guaranteed.
BROOKSTONE LAW, PC, FILES LANDMARK MASS JOINDER LAWSUIT AGAINST BANK OF
AMERICA AND COUNTRYWIDE
LAW FIRM DEDICATED TO PROTECTING CONSUMERS’ RIGHTS ALLEGES MASSIVE FRAUD
NEWPORT BEACH, CA (VOCUS/PRWEB) FEBRUARY 15, 2011
Brookstone Law, PC, has filed a mass joinder
lawsuit against Bank of America, potentially the most significant and precedent
setting legal action taken against lenders as a result of the national
foreclosure crisis, it was announced today by Vito Torchia, Jr., managing
attorney of Brookstone Law PC.
The lawsuit alleges Bank of America (BOA) and
its subsidiary Countrywide Financial Corporation (Countrywide) perpetrated a
massive fraud, also constituting unfair competition upon borrowers that
devastated the values of their residences, resulting in the loss of net worth,
and that BOA and Countrywide intended to deprive numerous rights and remedies
for the problems they caused the borrowers. The case is Wright et al v. Bank of
America, N.A. et al., case no.30-2011-00449059-CU-MT-CXC filed in Orange County
Superior Court and was filed February 9, 2011.
“This was the ultimate high-stakes fraudulent
investment scheme of the last decade,” said Vito Torchia, Jr. “Couched in
banking and securities jargon, the deceptive gamble with consumers homes was a
financial fraud perpetrated on a scale never before seen in this country,”
The lawsuit accuses Countrywide founder and
CEO Angelo Mozilo of knowing that Countrywide could not sustain its business
unless it used its size and large market share in California to systematically
create false and inflated property appraisals throughout California. It further
claims that Countrywide used these false property valuations to induce
borrowers into ever-larger loans on increasingly risky terms and that Mozilo
knew as early as 2004 that the loans were unsustainable and would result in a
crash that would destroy the equity invested by borrowers and their net worth.
The lawsuit's filing coincides with a recent
decision in a class action suit in Maryland that invalidated more than 10,000 foreclosure
cases managed by GMAC Mortgage because affidavits in the cases were signed by a
GMAC “robo-signer” who, according to court documents, attested to the
authenticity of foreclosure documents without any knowledge about them, as well
as signing other false statements in the case Manson v. GMAC Mortgage LLC,
08-cv-12166, U.S. District Court, District of Massachusetts (Boston).
According to court documents, the lawsuit
claims Mozilo and others at Countrywide “pooled” those mortgages and sold them
for inflated value which disregarded underwriting standards and fraudulently
inflated property values in order to take business from legitimate
mortgage-providers, implement a massive securities fraud that was concealed
from borrowers and other mortgagees on an unprecedented scale. When Countrywide
pooled the loans and sold them, the company recorded gains on the sales. In
2005, Countrywide reported $451.6 million in pre-tax earnings from capital
market sales and the next year it reported $553.5 million in pre-tax earnings
from that activity.
“Countrywide did not care about the borrowers
who would suffer because their plan was based on insider trading that would
generate profits for them as long as possible and then allow them get out
before the truth of their activities was exposed and losses were locked in,”
said Vito Torchia, Jr. According to Torchia, the scheme resulted in the
mortgage meltdown in California that was substantially worse than in any other
region of the United States. Starting in 2008, Californians’ home values have
decreased by considerably more than most other areas in the United States as a
direct result of the scheme.
The lawsuit alleges that, as a result,
borrowers lost equity in their homes, their credit ratings and histories were destroyed
and they incurred unnecessary costs and expenses. At the same time, Countrywide
was paid billions of dollars in interest payments and fees and generated
billions of dollars in profits by selling their loans at inflated values.
Countrywide then used borrowers’ private information to generate more profits:
the lawsuit also alleges privacy violations ranging from disclosure of the
private and confidential information of more than 2.4 million customers to
outsourcing and sale of hundreds of thousands of to bolster the fraudulent loan
pooling scheme, resulting in the disenfranchising of thousands of borrowers’
inalienable rights of privacy.
According to court documents, lead Plaintiff
John Wright bought his first home in 2004 and Countrywide provided financing
with a first and second loan. Less than a year later, Countrywide contacted Mr.
Wright and encouraged him to refinance into an adjustable rate loan. As a first
time home buyer who relied on Countrywide and their reputation and experience,
he accepted their direction, which resulted in a new first loan in 2005. But
after the negative effects of sub-prime loans became public in 2007, Mr. Wright
contacted Countrywide to refinance his loan into a fixed rate loan, but this
time, Countrywide said they were “too busy” and that he should wait to
refinance, despite the fact that fixed rate loans were then at about a lower
interest rate than what he was paying.
"The American people are no longer going
to tolerate fraudulent and abusive banking methods and we are organizing the
most powerful protest and legal action Bank of America has ever seen,” John
Wright said. “Piggybankblog.com, myself and my supporters are a force to be
reckoned with and we intend to build the most effective coalition that the
“Bank of Destroying and Abusing America” has seen while the American people
hold them accountable for their actions that led to the destruction of the
American dream for so many people like me."
According to the filing, Countrywide
eventually allowed Mr. Wright to refinance and the company recommended an
appraiser who provided an appraisal that later turned out to be inflated. When
Countrywide refinanced his loan into a new fixed loan it was at a higher rate
than that which was available to him when he started the process. The lawsuit
claims that this “churning” of his mortgages allowed Countrywide to reap
multiple fees, profits and higher interest rates at Mr. Wright’s expense. After
allowing him to refinance, Countrywide then erected numerous obstacles to Mr.
Wright’s attempts to modify his loan due to difficulty making payments and when
they did, they approved a loan modification that reduced his payments of more
than $3,300 a month by only about $61.
In 2007, when Mr. Wright retained a law firm
to assist him, Countrywide falsely claimed they had never received a letter
from Mr. Wright’s representatives, that his legal counsel was not a real law
firm and instructed him not to use an attorney to obtain help with his loan
modification.
“I cannot help but conclude that as a direct
result of my experiences and Bank of America's potentially irregular,
fraudulent and simply abusive home loan modification process, we are losing our
ability and right to pursue the American dream of life, liberty and the pursuit
of happiness,” John Wright said. “That’s why it gives me great pleasure to
participate in this lawsuit, which I call "The American People vs. Bank of
America."
Then, after Countrywide changed its name and
became a subsidiary of BOA, and even though BOA was aware Mr. Wright was
represented by a law firm, the Bank began a series of harassing phone calls to
Mr. Wright seeking payments for the loan. Court documents show BOA subsequently
engaged in delaying tactics including claiming necessary documents were missing
or never received even though they had been sent repeatedly to BOA by Mr.
Wright. BOA then assured Mr. Wright that he had nothing to worry about and
apologized to him, blaming their own incompetence for the lost documents.
Court documents show Mr. Wright then received
a letter from BOA that denied the loan modification and demanded a lump sum
payment. Mr. Wright called BOA and was told to disregard that letter and that
he was qualified for a loan modification. BOA then told Mr. Wright the letter
“went out in error” and that the Bank had “millions of calls” about the
erroneous letters like this one it had sent out to borrowers. According to
court documents, at the time BOA also told Mr. Wright not to pay his mortgage
payments for a period of time.
Mr. Wright launched his blog site
“Piggybankblog.com” at http://www.piggybank.com in 2010 to publicly expose the
alleged wrongful activities by BOA. On the blog, Mr. Wright has posted tape
recordings of numerous conversations with Countrywide and BOA representatives,
made with their knowledge and consent, along with details of the misleading and
false information provided by BOA and descriptions of the myriad problems
caused to him and other borrowers by Countrywide and BOA. In one recorded
conversation, a trainer for BOA at a public forum stated that what BOA would do
with calls from homeowners like him trying to modify their loans was to “send
it into the black hole” and that there was “no profit in doing loan
modifications for borrowers.”
“Mr. Wright’s unfortunate experiences are
exactly what thousands of homeowners have gone through as a result of
Countrywide executives and Bank of America’s horrible customer service and loan
practices,” said Vito Torchia, Jr. “Bad actors like BOA and Countrywide
executives must be held responsible for the irreparable and massive damage done
to people’s lives and the State of California due to their unbridled greed and
avarice.”
ABOUT BROOKSTONE LAW, PC
Based in Newport Beach, with offices in Los
Angeles, CA, and Ft. Lauderdale, FL, Brookstone Law, PC, is a law firm
comprised of attorneys with experience and success in business, corporate and
personal finance, employment, entertainment and media, art and museum,
intellectual property and real estate law. The firm has a network of more than
40 affiliate attorneys nationwide and employs highly trained specialists,
paralegals, paraprofessionals and administrative staff dedicated to serving our
clients.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.81 |
|
|
1 |
Rs.86.52 |
|
Euro |
1 |
Rs.69.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
69 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
7
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.