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US: BoA absorbs Merrill Lynch

By  |  October 2, 2013

The second-largest lender by assets has finalized the merger of its Merrill Lunch subsidiary into the parent company, say reports.

Bank of America concluded the absorption of Merrill Lynch, which entails the assumption of Merrill Lynch’s debts but the maintenance of the brand name, according to a statement released Tuesday by BoA.

The merger was finalized the same day major US banks were required to submit revised plans to handle another financial crisis. Merrill Lynch reportedly had about $62 billion in long-term debt as of the second quarter, said reports.

The absorption of Merrill Lynch remains subject to regulatory clearance.

Full Content: Bloomberg

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