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BOA sees growth in Europe

BOA sees growth in Europe

(22 November 2006 – Europe) Bank of America has said it views Europe as offering the greatest growth prospects outside of its home market. BOA chief executive Kenneth Lewis said the bank recognised that Asia was growing more quickly and that success in Europe was a case of finding a gem that others don't see.

But he said the bank knew Europe better than it knew Asia and it therefore offered the best value for BOA to grow outside of the US.

The bank has been aggressively making acquisitions for the past three years – the most recent one being Charles Schwab's US wealth management unit – spending some US$85 billion.

It has also rationalised its business in Asia and South America and taken strategic stakes elsewhere such as China Construction Bank.

BOA is not able to purchase a large US bank for regulatory reasons. This is one reason rumours have been flying that it might bid for UK giant Barclays.

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