Deleted
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Post by Deleted on Jun 30, 2005 8:42:20 GMT -5
money.cnn.com/2005/06/30/news/fortune500/boa/index.htm?cnn=yesAn interesting - and pretty sudden - development with a loose connection to G'Town. Is it now the Bank of America Career Center in Leavey? More importantly, could/should BoA be targeted for some corporate "gift-giving" in a quest to improve on-campus facilities (both athletic and non-athletic)? Maybe someone knows the ins-and-outs of project financing better than I do, but I'm amazed as to why we aren't building the "Bank of America Science Center" or the "Pfizer Science Center" or the "Nike Convocation Center" or things like that. Is it as simple as wanting to keep corporate logos off the face of the campus? Also, does anyone know the status of the new b-school? Will ground be broken 100% for sure once they move off of Phase 1 of the MSF?
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Post by StPetersburgHoya (Inactive) on Jun 30, 2005 14:46:30 GMT -5
This is a really weird deal because BoA has now gotten so big that its in danger of not being able to acquire anything more in its financial holdings at this time because it now holds 10% of all American assets - the maximum amount allowed by law. So if they funded stuff at G-Town it could actually get them into legal trouble as I understand it
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Deleted
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Post by Deleted on Jun 30, 2005 15:30:04 GMT -5
But its not really acquiring anything if it gives, oh I dunno, $25 million to a McD renovation, right? Would philanthropic donations fall under that heading?
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Post by StPetersburgHoya (Inactive) on Jun 30, 2005 18:35:51 GMT -5
That I am not sure of - its technically 10% interest in all collective national assets - so does philanthropic under-writing of a stadium count?
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DFW HOYA
Platinum Hoya (over 5000 posts)
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Post by DFW HOYA on Jul 2, 2005 19:58:31 GMT -5
This is a really weird deal because BoA has now gotten so big that its in danger of not being able to acquire anything more in its financial holdings at this time because it now holds 10% of all American assets - the maximum amount allowed by law. So if they funded stuff at G-Town it could actually get them into legal trouble as I understand it That's the first I've ever heard of this. BofA is still only the third largest overall banking conglomerate behind Citi and Morgan, and I've never heard of any covenants restricting their holdings. |
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Post by StPetersburgHoya (Inactive) on Jul 2, 2005 21:35:49 GMT -5
I heard about it on Bloomberg the day of the merger - they have apparently surpassed Citi in domestic holdings, while Citi definitely dwarfs everyother commerical bank in the world in terms of its global holdings.
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HoyaNCCT
Silver Hoya (over 500 posts)
We will remind them.
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Post by HoyaNCCT on Jul 5, 2005 8:29:39 GMT -5
Buffalo - this deal was not sudden at all. It's been happening for years and has been rumored more intensely for the past few months. It was just a matter of time and picking the correct suitor (Wachovia, BoA, Goldman had all shown interest).
MBNA will, apparently, continue to operate in the same way they had and will keep a bit of a chinese wall between them and BoA. There is apparently talk that there will not even be a name change. Remember, MBNA is not a bank - they are a marketing company that issues credit cards. BoA had/has a credit card division but this makes they the lead dog by far.
Will be interesting to see how this thing shakes out in terms of business flow. Obviously, MBNA is a huge player in the alumni association / affinity business sector (GU Card) but, at the same time, how will this effect deals MBNA does with other banks in terms of credit card issuance?
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