Bank of America 2005 Annual Report Download - page 70

Debit card income, which is included in Card Income on the Consolidated Statement of Income, increased $397
million, or 32 percent, in 2005. Driving the increase was growth in transaction activity as purchase volumes increased 29
percent due to new accounts, growth in average ticket size and the positive impact of the FleetBoston Merger, as well as
higher interchange rates on debit card transactions.
Global Business and Financial Services
Global Business and Financial Services serves mid-sized domestic and international business clients providing
financial services, specialized industry expertise and local delivery through a global team of client managers and a
variety of businesses including Global Treasury Services, Middle Market Banking, Business Banking, Commercial Real
Estate Banking, Leasing, Business Capital, and Dealer Financial Services. It also includes our businesses in Latin
America. During the third quarter of 2005, our operations in Mexico were realigned and are now included in the results
of Global Business and Financial Services, rather than Global Capital Markets and Investment Banking. Also during the
third quarter of 2005, we announced the future combination of Global Business and Financial Services and Global
Capital Markets and Investment Banking that was effective on January 1, 2006. This new segment is called Global
Corporate and Investment Banking.
Global Treasury Services provides integrated working capital management and treasury solutions to clients across
the U.S. and 50 countries through our network of proprietary offices and clearing arrangements with other financial
institutions. Our clients include multinationals, middle-market companies, correspondent banks, commercial real estate
firms and governments. Our services include treasury management, trade finance, foreign exchange, short-term credit
facilities and short-term investing. The revenues and operating results are reflected in this segment as well as Global
Consumer and Small Business Banking and Global Capital Markets and Investment Banking, based upon where
customers and clients are serviced.
Middle Market Banking provides commercial lending, treasury management products, investment banking, capital
markets, and insurance services to middle-market companies across the U.S.
Business Banking offers our client-managed small business customers a variety of business solutions to grow and
manage their businesses. Products and services include a wide range of credit and treasury management solutions,
advisory services such as merchant services, card products, payroll and employee benefits.
Commercial Real Estate Banking, with offices in more than 60 cities across the U.S., provides project financing and
treasury management solutions to private developers, homebuilders and commercial real estate firms. This business also
includes community development banking, which provides lending and investing services to low- and moderate-income
communities.
Leasing provides leasing solutions to small businesses, middle-market and large corporations in the U.S. and
internationally, offering expertise in the municipal, corporate aircraft, healthcare and vendor markets.
Business Capital provides asset-based lending financing solutions that are customized to meet the capital needs of
our clients by leveraging their assets on a primarily secured basis in the U.S., Canada and European markets.
Dealer Financial Services provides indirect and direct lending and investing services, including floor plan programs
and consumer financing for marine, recreational vehicle and auto dealerships through more than 10,000 dealer clients
across the U.S.
Latin America includes our full-service Latin American operations in Brazil, Chile, Argentina, and Uruguay, and
our commercial and wealth and investment management operations in Mexico. These businesses primarily service
indigenous and multinational corporations, small businesses and affluent consumers. On October 13, 2005, we
announced an agreement to sell our asset management business in Mexico with $1.8 billion of assets under management
to an entity in which we have a 24.9 percent investment. The sale will be completed in 2006. In December 2005, we
entered into a definitive agreement for the sale of BankBoston Argentina assets and assumption of liabilities. The
transaction is subject to obtaining all necessary regulatory approvals. For more information on our Latin American
operations, see Foreign Portfolio beginning on page 56.
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