FACTBOX: Bank of America deals under CEO Kenneth Lewis
NEW YORK (Reuters) - Bank of America Corp.'s $4 billion pending acquisition of troubled mortgage company Countrywide Financial Corp marks the latest in a series of deals announced under Chairman and Chief Executive Kenneth Lewis.
When he took over Bank of America in April 2001, Lewis was viewed as a measured, more cautious successor to Hugh McColl, whose appetite for dealmaking won him the nickname "Huge." Some of those deals came back to haunt the bank, which helped accelerate McColl's retirement and departure.
But after more than $100 billion of announced acquisitions since 2003, Lewis transformed Charlotte, North Carolina-based Bank of America into the No. 2 U.S. bank by assets and by far the nation's largest retail bank by market capitalization.
The following are some of the largest deals under Lewis:
- Sept 2007: Bank of America and China Construction Bank form a joint venture to provide leasing products in China, the world's fastest-growing major economy. The deal came two years after BofA paid $4 billion for a 9 percent stake in one of China's four largest banks.
- April 2007: BofA agrees to buy U.S. Midwestern bank chain LaSalle Bank Corp of Chicago from its parent, ABN Amro, for $21 billion. The transaction was completed in October 2007.
- April 2007: BofA announces an acquisition of a 24.9 percent stake in SLM Corp, the student lender better known as Sallie Mae, for $2.2 billion. Transaction had been expected to close in the second half of 2007. But the deal, led by private equity firm JC Flowers, unraveled in December amid concerns about the lender's weaker outlook.
- November 2006: BofA says it will buy US Trust Corp, the private banking unit of Charles Schwab Corp., for $3.3 billion. Transaction closed in the third quarter of 2007.
- June 2005: BofA agrees to buy MBNA Corp, the largest independent U.S. credit card issuer, for about $34.6 billion. Transaction closed at the beginning of 2006.
- October 2003: BofA says it will buy FleetBoston Financial Corp, the biggest commercial bank in the U.S. Northeast, for about $48 billion. Transaction closed in April 2004.
(Reporting by Jon Stempel and Joe Giannone; Editing by Derek Caney)
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