Bank of America completes purchase of Merrill Lynch

Bank of America completes purchase of Merrill Lynch

Bank of America has announced that they have now completed their acquisition of Merrill Lynch.

The deal has now created the largest U.S. Bank.

Bank of America now has about $2.7 trillion of assets which makes it larger than both JPMorgan Chase and Citigroup.

Bank of America also gets access to the stake in BlackRock which was owned by Merrill Lynch.

Bank’s Chief Executive Kenneth Lewis said in a statement on the completion of the deal: “We are now uniquely positioned to win market share and expand our leadership position in markets around the world.”