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AmericasJuly 1 2007

Bank of America moves into pole position despite domestic focus

Bank of America has stolen the crown of Citigroup. The bank, headquartered in Charlotte, North Carolina, motored ahead of the erstwhile number one bank in our list and is now the largest bank in North America and in the world, with Tier 1 capital of $91,065m.
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Remarkably, Bank of America has accomplished this without making any major acquisitions abroad. It remains a US-focused bank, despite the persistent rumours that it is set to take over, among others, London-based Barclays Bank. Investment bankers knocking at the bank’s doors expect that to change – the bank is near the limit of its permitted deposit market share in the US.

However, at the top of its to-do list is to complete its acquisition of Chicago-based LaSalle Bank from ABN AMRO – although the legal battle looks as though it is set to drag on amid rival bids for the Dutch bank and could well not happen.

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