Bank of America 2006 Annual Report Download - page 8
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Our preference in fast-growing
foreign retail banking markets has
been to invest in the best-run large
bank in the local market, as we did
in Mexico, China and Brazil. This
strategy enables us to participate
in the growth of the market with a
local bank that brings appropriate
size and scale to the table; reduces
the operational risks that come with managing a foreign
banking franchise; and provides the opportunity for us to
develop relationships, learn from our partners in the market
and explore alliances that can benefit customers and share-
holders of both companies.
Our acquisition of MBNA has created something of a
corollary to this policy, in that we now own a foreign card opera-
tion that is No. 1 in the United Kingdom. This business pre-
sents prospects for growth in existing and new markets and
offers additional insight into international retail financial
services markets.
Finally: What unique advantages does Bank of America
bring to the marketplace? Our answer: Many.
In addition to our people and our culture, which, taken
together, represent our greatest advantage, we believe there
are four additional key attributes that give us a unique advan-
tage in the marketplace:
The knowledge, insight and understanding we gain from
working with the largest customer and client base in the
industry drive our ability to innovate across all our businesses.
We were named Outstanding Corporate Innovator of the Year by
the Product Development & Management Association in recog-
nition of our development of products like Keep the ChangeTM,
free SafeSend®, Business 24/7TM and Affinity Banking.
of your company, and will continue to be. Acquisition — when
the likely returns to shareholders are attractive, the addition
increases our potential growth and the risks are in line with the
potential rewards — will always be on the table as a potential
path to growth for our company.
Third: Does Bank of America want to be a U.S. banking
company or a global financial services company?
Our answer: Both.
We view wholesale financial services as global. Our com-
mercial, corporate and institutional clients are doing business
around the world. We cannot serve these clients if we can’t
provide the global reach they require, which is why we have
corporate banking offices in 44 countries around the world,
and why we are expanding our ability to provide more products
in more places.
Retail banking markets are largely local or regional.
This is why we have invested in building market share within
the U.S. markets where we have chosen to compete, even as
we have divested foreign retail franchises where we felt our
presence was too small.
6 Bank of America 2006
THE NO. 1
ONLINE
BANK
21 million active
online banking
customers, up
44% from 2005
Earnings
Per Share
’05
’06
’04 $3 . 64
$4 . 04
$4 . 59
(diluted)