In a regulatory filing to the US Securities And Exchange Commission (SEC) dated 2 August 2013, BofA said that it plans to merge Merrill Lynch operations by the fourth quarter.
The completion of the integration would mark the end of the global investment bank as a legal entity that was set up 40 years ago and acquired by BofA during the financial crisis of 2008.
Under the proposed plans, the bank will maintain the Merrill Lynch brand name for its retail brokerage and investment banking business, the company based in Charlotte.
Commenting on the plan, a BofA spokesperson said, "This will have no impact on how we serve our customers and clients and will have no impact on the Merrill Lynch branded businesses."
Following the integration, BofA will take on all of Merrill Lynch’s obligations, including all US and foreign debt securities issued by the bank.
Post amalgamation of Merrill Lynch, which was established in 1940, BofA will not be required to file separate financial statements with US securities regulatory agencies.
"As part of Bank of America’s efforts to streamline its organisational structure and reduce complexity and costs, it has reduced and intends to continue to reduce the number of its subsidiaries, including through intercompany mergers," the bank said in a regulatory filing.
Operating in more than 40 nations across the globe, Bank of America serves nearly 52 million consumer and small business relationships with about 5,400 retail banking offices and approximately 16,300 ATMs online banking with 30 million active users.
