Bank of America will not push for the listing of the current 10 per cent cap on the share of domestic deposits any single US bank can control following an acquisition, Ken Lewis, chief executive, has said. BofA, with 9 per cent, is the only bank near the cap, which limits the bank’s ability to make further large US acquisitions. Mr Lewis again stressed the bank was not looking at any major European acquisitions, as BofA reported fourth-quarter net income of $5.26bn, up 47 per cent on last year.

This entry was posted by Helen Thomas on Wednesday, January 24th, 2007 at 5:19 and is filed under Capital markets, M&A. Tagged with bank of america, ken lewis. Edit this entry.